Immofinanz Group has released its results for the first three quarters of its 2014/15 financial year which it says came to €241.9m, nearly the same result achieved for the same period a year ago. The company’s net profit, however, fell from €79.2m over this period from €142.1m, primarily because of the foreign exchange-adjusted revaluation of investment properties in Russia, Poland, the Czech Republic and Slovakia. These reduced its results by €99.1m but the company noted they had no impact on its cash position. Net profit for the third quarter 2014/15 amounts to EUR 109.4 million (second quarter 2014/15: -€16.2m, first quarter 2014/15: -€14.0m).
“The third quarter of our 2014/15 financial year was characterised by the significant weakening of the Russian Ruble versus the Euro and US Dollar,” says CEO Eduard Zehetner. “We therefore decided to continue our policy of temporary reductions in the lease payments for the tenants in our five Moscow shopping centers. These steps will not only help our long-standing partners in a difficult situation, but also ensure continued high occupancy in our shopping centers.”
