IMMOEAST AG, Austria's largest property developer, has said annual profit declined as valuation gains on its land in eastern and central Europe increased at a slower rate.
Net income for the 12 months ended April 30 fell to 168 million euros (US$248 million), or 21 euro cents a share, from 528 million euros, or 1.02 euros, a year earlier, the Vienna-based company said in a statement on Friday obtained by Bloomberg News. Revenue rose 54 percent to 297 million euros.
"Given the corporation's financing power and its planned expansion strategy, further growth corresponding with the growth rates in the region can be expected," the company said.
Immoeast and Immofinanz AG, which owns 53 percent of Immoeast, may merge this year to create a company with 15 billion euros of assets.