Rental income down: Grand City Properties share still in red: Grand City confirms forecast after a solid nine months | message
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Operating profit was slightly higher than in the same period of the previous year, while net profit fell slightly. The MDAX Group confirmed the forecast for the full year.
The net rental income fell to 279 million euros from 285 million in the same period last year, which was mainly due to property sales. The FFO 1, a standard in the real estate industry for operating profitability, increased slightly to 162 from 160 million euros.
After taxes, Grand City earned 342.5 million euros after 364.6 million before. The profit attributable to the shareholders was EUR 284 million. The earnings per share were 1.68 euros. In the third quarter, the group earned 77.6 million euros after taxes and minority interests.
For the year as a whole, Grand City is still aiming for an FFO of EUR 213 to 220 million. The dividend should be 82 to 85 cents.
Grand City Properties shares turn into the red after an initial gain
Grand City Properties shares initially reacted positively to the quarterly results on Monday. On XETRA, they gained further in early trading, but then the shares changed direction and at the end of the session were down 2.2 percent at EUR 20.42. However, the shares thus moved within the range of the past months, which ranges from around 19 to just under 23 euros.
Analyst Jonathan Kownator from Goldman Sachs attested the company’s financial figures in an initial assessment only to have a moderate impact on the share price. These coincided with his assumptions. The operating profit (FFO) exceeded expectations by two percent.
(Dow Jones Newswires / dpa-AFX)
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