IVG Immobilien, Germany's largest listed commercial real estate company, reported a consolidated net profit of EUR 18.3 mln in the third quarter compared to a loss of EUR 2.2 mln in the year-earlier period. Revenue was down, however, at EUR 136 mln from EUR 144.7 mln a year ago.
IVG Immobilien, Germany's largest listed commercial real estate company, reported a consolidated net profit of EUR 18.3 mln in the third quarter compared to a loss of EUR 2.2 mln in the year-earlier period. Revenue was down, however, at EUR 136 mln from EUR 144.7 mln a year ago.
Quarter-on-quarter, consolidated net profit edged up slightly from the EUR 18 mln booked in Q2. Revenues decreased from EUR 412.8 mln in Q2 following project disposals in the development segment. The positive Q3 result also reflected unrealised changes in market value of EUR 49 mln in the caverns segment (2Q 2010: EUR 36 mln).
Gerhard Niesslein, CEO of IVG Immobilien AG, said the positive Q3 result reflected ‘renewed optimism on the markets' and confirmed that IVG is on the right path. 'Subject to remaining market and valuation uncertainties, we also anticipate a positive result for the year as a whole. In the final spurt of the year, the focus will be on consolidating what has been achieved and bringing IVG into a good starting position for what will hopefully be a further normalized year in 2011.'
Over the nine-month period, consolidated net profit totalled EUR 46.5 mln compared to a loss of EUR 101.5 mln in the first nine months of 2009. Revenue almost doubled year-on-year to EUR 697.8 mln.
