This content is not available in your region

Vonovia raises profit guidance after forecast-beating first quarter

Access to the comments Comments
Vonovia raises profit guidance after forecast-beating first quarter
Text size Aa Aa

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)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.