Beni Stabili sees net profit plunge in H1

Italian real estate firm Beni Stabili saw first-half net profit plunge 93% to EUR 4.3 mln due to write-downs on property values, news wire Reuters reported.

Beni Stabili, controlled by France's Fonciere des Regions, said net rental revenues, its main source of income, rose to EUR 99.6 mln in the period from EUR 98.8 mln a year earlier. Net revenues from services rose to EUR 5.3 mln from EUR 4.8 mln.

The company's net debt fell slightly more than 2% to EUR 2.133 bn.

At end-December 2008, the value of the company's portfolio was just under EUR 4.4 bn compared to EUR 4.5 bn at end-2007. Beni Stabili's annual report for 2008 shows the company carried out EUR 50.4 mln of acquisitions in 2008, and revaluations came to plus EUR 3.6 mln.

An article published in PropertyEU Magazine in June 2009 significantly understated the size of Beni Stabili's assets under management.