Monday, 21 May 2012

GSW Rental Income Improvement in Berlin


Berlin based GSW which recently had a successful IPO boosted its rental income during the first quarter by 14.1% to €39.7mn (Q1 2011: €34.8mn). This was due to the purchase of 4,800 apartments in Berlin from Gagfah at the end of 2011 as well as to rent performance improvement and a reduction in vacancies.
Net profit for the quarter dropped from €33.2mn last year to €8.7mn. However, earnings in 2011 had been heavily influenced by the sale of the Media Haus GmbH (BMH) cable network in Berlin. Excluding this special effect, consolidated net income increased by 11.5%. The FFO I figure (without sales income) grew by 13.6% to €15.0mn. The company reaffirmed its forecast for the yearof an FFO I of approximately €59-63mn, excluding any purchases.


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