IVG Immobilien narrowed its losses to EUR 4.8 mln in the first quarter of 2012 from a EUR 71 mln loss due to extraordinary factors in the last three months of 2011. Revenues climbed by almost EUR 25 mln to EUR 102 mln, largely due to an increase in net rental income and issues in the development segment that depressed the result in Q4 2011.
IVG Immobilien narrowed its losses to EUR 4.8 mln in the first quarter of 2012 from a EUR 71 mln loss due to extraordinary factors in the last three months of 2011. Revenues climbed by almost EUR 25 mln to EUR 102 mln, largely due to an increase in net rental income and issues in the development segment that depressed the result in Q4 2011.
Operating earnings before interest and tax (EBIT) also improved significantly from a negative EUR 26 mln to EUR 50 mln.
The listed German real estate and infrastructure group confirmed its goal for 2012 of virtually break-even consolidated net result and significant consolidated net profit in 2013.
CEO Wolfgang Schäfers said IVG's performance indicators are showing signs of stabilising, forming the basis for its ongoing development into an integrated investment platform. 'In addition to the systematic debt reduction of the group, the expansion of our successful Caverns business to further energy-related infrastructure projects and the growth of our fund business with selected co-investments will be crucial factors in IVG's positive future after its planned return to profitability in 2013,' he said.
IVG Immobilien manages assets worth EUR 21.5 bn in 19 major German and European cities.
