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Thursday, March 23, 2023

Real estate investor Patrizia is hoping for a turnaround

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Company boss Wolfgang Egger
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AUGSBURG. The German real estate investment provider Patrizia is looking at the current year with mixed feelings after a significant drop in earnings in 2022. After presenting the preliminary figures, the management is cautiously optimistic for this year. However, the market environment is uncertain due to geopolitical risks and interest rates.

For the current year, Patrizia is aiming for earnings before interest, taxes, depreciation and amortization (Ebitda) of EUR 50 to 90 million. In 2022, the operating result fell by more than a third to 78.9 million euros. The group thus exceeded its earnings target, which it had significantly reduced to EUR 60 to 75 million in November. Adjusted for the costs of restructuring the group, the operating result was 89 million euros.

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Patrizia launched a ten million euro savings program last year to become more profitable. The company from Augsburg has 900 employees.

Source: Nachrichten

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