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BREAKING NEWS

Vonovia raises profit guidance after forecast-beating first quarter

Vonovia raises profit guidance after forecast-beating first quarter
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BERLIN (Reuters) - Vonovia, Germany's biggest residential property company, raised its full-year profit guidance on Tuesday as it reported a forecast-beating 20 percent rise in first-quarter earnings, boosted by acquisitions in Sweden and Austria.

Vonovia, which owns around 395,000 properties in Germany, Sweden and Austria, said it now expected 2019 funds from operations to increase to between 1.17 billion and 1.22 billion euros (999.46 million - 1.04 billion pounds) compared to its previous guidance for a rise to between 1.14 billion and 1.19 billion euros.

The company reported operating profit after interest and taxes of 303.6 million euros versus 253 million a year earlier and ahead of the average forecast for 281 million in a Reuters poll of analysts.

(Reporting by Caroline Copley; Editing by Thomas Seythal)

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