Immofinanz sees improved earnings

VIENNA Mon Aug 6, 2012 2:13am EDT

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VIENNA Aug 6 (Reuters) - Austrian property group Immofinanz forecast improved profit as it focuses on reducing vacancies and cuts overhead expenses.

"These optimisation measures will support a steady improvement in earnings and form the basis for Immofinanz group's progressive, sustainable dividend policy," it said on Monday.

Net profit for the its 2011/12 financial year that ended on April 30 fell 13.4 percent to 271.4 million euros ($334.9 million) due primarily to non-cash effects from revaluing derivatives, it said.

Adjusted for foreign exchange effects and derivatives, net profit rose by a quarter to 385.7 million.

($1 = 0.8104 euros) (Reporting by Michael Shields)

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