Immofinanz's EBIT rises 26% in first half

Immofinanz, one of Austria's biggest listed real estate company said on Thursday its earnings before tax (EBT) rose 43.5% year-on-year from EUR 119.4 mln in the first half of 2006 to EUR 171.3 mln in mid-2007. Operating profit (EBIT) reached EUR 183 mln, up from EUR 144.9 mln, reflecting a 26.3% rise. Revenues increased 29.8% from EUR 117.8 mln to EUR 152.9 mln. At EUR 7.97 bn, equity approached the threshold of EUR 8 bn at the end of the second quarter, 40.7% up from a year earlier.

'We have very sound financing and the current difficulties on the capital market, which certainly are not making credit financing any easier at the moment, are not a problem for us,' said Director General Karl Petrikovics. 'We even view it as an opportunity, as highly leveraged competitors are having increasing difficulties in obtaining project financing at all or at least in raising it fast enough. This improves the competitive situation and as a result will have a positive impact on our operations.'