August 29, 2017 / 4:19 PM / a year ago

Austria's Immofinanz swings back to net profit in H1

VIENNA, Aug 29 (Reuters) - Austrian property group Immofinanz swung back to a first-half net profit and is in advanced talks with potential buyers of its ailing Russian shopping mall portfolio, which it is due to sell or list by year-end, it said on Tuesday.

Immofinanz’s net profit was 105.3 million euros ($126.54 million) compared with a 243 million euro loss in the first half of 2016 as financing costs fell, like-for-like rental income rose, including in Russia, and occupancy rates climbed in most of its portfolio.

Its funds from operations reached 43 million euros, four times as much as last year. It plans to pay out a dividend of 0.06 euros per share for 2017.

$1 = 0.8322 euros Reporting By Shadia Nasralla; Editing by Edmund Blair

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