As the company announced on Wednesday evening after the stock market closed, rental income increased by 77.8 percent to 533.6 million euros, but the consolidated result turned from 142 million in the previous year to minus 229.5 million euros.
The main reason for the loss was, among other things, lower revaluations, which fell from minus 105.7 million euros in 2022 to minus 376.8 million. “They reflect the challenging market environment, which was characterized by sharply rising interest rates, which had a negative impact on real estate values,” the company wrote in a press release.
The financial result also fell sharply, falling from minus 72.6 million to minus 246.1 million euros. This is due to the loss of positive valuation effects and the share of S Immo’s earnings, which were no longer recorded in the financial result as a result of full consolidation.
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Source: Nachrichten
