.
- Profit before tax rose to c. EUR 14.0m
- Net income increased more than threefold
- Acquired asset volume to reach around EUR 300m by year-end 2007
Franconofurt AG (security code 637262) focused systematically on further growth in the third quarter of 2007 and increased earnings substantially.
Franconofurt AG almost quadrupled its pre-tax profit to EUR 13.99m in the first nine months of 2007, compared with EUR 3.65m in the same period of last year. Profit before tax is thus already one and half times the figure of EUR 9.36 m reported for the whole of fiscal 2006.
Net income attributable to shareholders of Franconofurt AG also advanced substantially to EUR 7.85m as of September 30, 2007 compared with EUR 2.31m in the first nine months of 2006. That was more than threefold improvement.
Franconofurt AG’s earnings calculated in accordance with the German Commercial Code (HGB), which is the figure used to determine dividend payments, came to EUR 4,6m at the end of the first nine months of 2007. The company is targeting to pay a dividend of EUR 0.80 per share for 2007 in keeping with previous announcements and thus increase its dividend for the third consecutive year since going public.
In view of the sustained growth in property holdings at Franconofurt’s asset companies, both rental income and operating and ancillary expenses increased further as of September 30, 2007. Rental income rose from EUR 1.70m at the end of September 2006 to EUR 6.16m just one year later. Operating and ancillary expenses were EUR 2.52m compared with EUR 0.63m in the comparable period of the previous year. The steady growth in rental income should also bring a continual improvement in earnings stability in the coming quarters. The Franconofurt Group aims to hold up to 4,000 residential units in its portfolios by year-end 2007.
Recent quarters have been dominated by an increase in the residential property portfolios of the asset companies in the Franconofurt Group. As the end of the third quarter, gross investment volume totalled EUR 192m. In the fourth quarter of this year attention will remain focused on building a profitable real estate portfolio. By year-end the company plans to have a acquired property holdings in the volume of EUR 300m, which should rise to around EUR 1bn by 2010.
- Profit before tax rose to c. EUR 14.0m
- Net income increased more than threefold
- Acquired asset volume to reach around EUR 300m by year-end 2007
Franconofurt AG (security code 637262) focused systematically on further growth in the third quarter of 2007 and increased earnings substantially.
Franconofurt AG almost quadrupled its pre-tax profit to EUR 13.99m in the first nine months of 2007, compared with EUR 3.65m in the same period of last year. Profit before tax is thus already one and half times the figure of EUR 9.36 m reported for the whole of fiscal 2006.
Net income attributable to shareholders of Franconofurt AG also advanced substantially to EUR 7.85m as of September 30, 2007 compared with EUR 2.31m in the first nine months of 2006. That was more than threefold improvement.
Franconofurt AG’s earnings calculated in accordance with the German Commercial Code (HGB), which is the figure used to determine dividend payments, came to EUR 4,6m at the end of the first nine months of 2007. The company is targeting to pay a dividend of EUR 0.80 per share for 2007 in keeping with previous announcements and thus increase its dividend for the third consecutive year since going public.
In view of the sustained growth in property holdings at Franconofurt’s asset companies, both rental income and operating and ancillary expenses increased further as of September 30, 2007. Rental income rose from EUR 1.70m at the end of September 2006 to EUR 6.16m just one year later. Operating and ancillary expenses were EUR 2.52m compared with EUR 0.63m in the comparable period of the previous year. The steady growth in rental income should also bring a continual improvement in earnings stability in the coming quarters. The Franconofurt Group aims to hold up to 4,000 residential units in its portfolios by year-end 2007.
Recent quarters have been dominated by an increase in the residential property portfolios of the asset companies in the Franconofurt Group. As the end of the third quarter, gross investment volume totalled EUR 192m. In the fourth quarter of this year attention will remain focused on building a profitable real estate portfolio. By year-end the company plans to have a acquired property holdings in the volume of EUR 300m, which should rise to around EUR 1bn by 2010.
