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8 months ago
CORRECTED-Immofinanz slips to H1 net loss of 154 mln eur on Russia woes
December 19, 2016 / 5:52 PM / 8 months ago

CORRECTED-Immofinanz slips to H1 net loss of 154 mln eur on Russia woes

(Corrects to say net profit in last year period)

VIENNA, Dec 19 (Reuters) - Austrian property group Immofinanz slid to a first-half net loss of 154.4 million euros ($161 million) from a 133.2 million profit a year ago, partly due to falling rental income and property valuations in its Russian portfolio, which it is trying to sell or spin off.

Despite a 28 percent increase in its operating income to 87.6 million euros, Immofinanz said on Monday its net result was also hit by a 106 million euro write-down of its 26 percent stake in rival CA Immo.

Earlier on Monday Immofinanz said a delay to the closing of a sale or a spin-off of its Russian portfolio - a precondition to the planned merger with CA Immo - would push a shareholder vote on the merger back into 2018. ($1 = 0.9578 euros) (Reporting by Shadia Nasralla; Editing by Adrian Croft)

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