Immofinanz Group improved its operating performance during the second quarter by as much as 31.1 percent, compared with the same period last year. The company’s operating profit increased to €11.9m during the second quarter of 2012. Net profits, however, had dropped in the first quarter, by as much as 67.5 percent. “This is a result of the negative impact of non-cash derived from the conversion of foreign currency,” Immofinanz said in a statement.
“We had started the first quarter of the fiscal year positively, especially in terms of rental income and the company’s cash-flow,” said Eduard Zehetner, head of Immofinanz Group. “We expect a stable growth also at the end of the fiscal year.”
