Beni Stabili H1 net profit falls on writedowns

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MILAN, July 20 | Mon Jul 20, 2009 12:36pm EDT

MILAN, July 20 (Reuters) - Italian real estate firm Beni Stabili's (BNSI.MI) first-half net profit fell 93 percent to 4.3 million euros ($6.1 million) due to write-downs on property values, the company said in a statement on Monday.

Beni Stabili, controlled by France's Fonciere des Regions (FDR.PA), said net rental revenues, its main source of income, rose to 99.6 million euros from 98.8 million. Net revenues from services rose to 5.3 million euros from 4.8 million.

Its net debt fell slightly more than 2 percent to 2.133 billion euros.

The statement was released after the market closed. The shares ended 3.7 percent higher at 0.5795 euro, outperforming a 1 percent gain in the DJ Stoxx real estate index .SX86P. (Reporting by Danilo Masoni; Editing by Dan Lalor) ($1 = 0.7063 euro)

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