Immofinanz happy with Q1 results
EurobuildCEEschedule 04 June 2018
EUROPE In the first quarter of this year Immofinanz saw its operating income double y-o-y to 35.5 mln from 17.8 mln in Q1 2017.
Rental income rose by 3.3 pct to EUR 59 mln. “The measures taken during our recent restructuring are taking effect, and we can now see the improvement we expected in our figures. A significant increase in the efficiency of our portfolio has led to a year-on-year reduction of app. EUR 4.3 mln, or 21 pct, in property expenses. In addition, financing costs fell by nearly 39 pct, which is over EUR 10 mln, due to the extensive refinancing we took in 2017“, said Oliver Schumy, the CEO of Immofinan
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