Vonovia profit rises, backs 2020 view
Vonovia SE said Tuesday that net profit rose in the first quarter and it backed its outlook for the full year in spite of the coronavirus crisis.
The German real-estate company said net profit in the period was 211.6 million euros ($231.2 million) compared with EUR201.4 million a year earlier.
Rental income in the quarter increased to EUR564 million from EUR502.2 million for the same period last year.
Earnings before interest, taxes, depreciation and amortization rose 10.3% on year to EUR428.1 million from EUR388.2 million.
Funds from operations, the operating profit after interest and taxes, rose to EUR335.5 million from EUR303.6 million a year earlier.
“So far a bit over 1% of the tenants have reported financial hardship,” said Chief Executive Rolf Buch. “Overall, Vonovia expects only a very low, temporary reduction in rental payments.”
The company confirmed its outlook for the full year, saying it expects adjusted Ebitda in the range of between around EUR1.88 billion and EUR1.93 billion and funds from operations to range between around EUR1.28 billion and EUR1.33 billion.
It also said its targeted dividend of EUR1.57 per share remains intact.
Giulia Petroni
Source:marketwatch.com
