Italian real estate company Beni Stabili on Tuesday reported a 3.4% increase in operating profit to EUR 44mln in the first quarter of 2008, up from EUR 43mln in the year-earlier period. The company attributed the increase to purchases completed in 2007 which generated a 3.5% rise in the margin from rents; a strong performance from property fund management which yielded net service revenues of EUR 2.3mln compared with EUR 1.2mln in the first quarter of 2007; and a reduction in overheads to EUR 4.2mln compared with EUR 4.9mln a year ago.
Italian real estate company Beni Stabili on Tuesday reported a 3.4% increase in operating profit to EUR 44mln in the first quarter of 2008, up from EUR 43mln in the year-earlier period. The company attributed the increase to purchases completed in 2007 which generated a 3.5% rise in the margin from rents; a strong performance from property fund management which yielded net service revenues of EUR 2.3mln compared with EUR 1.2mln in the first quarter of 2007; and a reduction in overheads to EUR 4.2mln compared with EUR 4.9mln a year ago.
Profit before taxes was down at EUR 13.1 mln from EUR 14.9 mln in the first quarter of 2007. Profit attributable to shareholders fell to EUR 5.9 mln from EUR7.3mln in the first three months of 2007. Property assets amounted to EUR 4.5 bn.
In addition to the results, Beni Stabili said that Olivier Esteve will replace Yan Perchet as a director.
