Immofinanz Group started the 2012/13 fiscal year with strong improvement in its operating results. Rental income increased by 14.2 percent y-o-y to €162.3m, thanks in part to its acquisition of a 50-percent stake in the Golden Babylon Rostokino shopping center in May. The strong increase in rental income was reflected in the operating results, which grew by 22.6 percent to €121.7m. Net profit fell from €28.2m in the first quarter of the previous year to just €9.2m in the first quarter of 2012/13 due to the negative non-cash effects from foreign exchange transactions and the valuation of derivatives. After an adjustment, net profit came in at €69.1m, a decrease of €16m. The decline was due to a sharp drop in revaluation results for investment properties.
