Immofinanz Q1 operating profit rises

VIENNA, Sept 25 Tue Sep 25, 2012 2:31am EDT

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VIENNA, Sept 25 (Reuters) - Austrian property group Immofinanz lifted first-quarter profit from operations by 22.6 percent to 121.7 million euros ($157.2 million), boosted primarily by rental income from an acquisition, it said on Tuesday.

Net profit fell by around two-thirds to 9.2 million due to the non-cash impact of foreign exchange translations and valuation of derivatives, it said. Excluding these, net profit fell nearly 19 percent to 69.1 million.

"For the remainder of this financial year, we expect to continue our stable growth in line with the high first quarter," Chief Executive Eduard Zehetner said.

Immofinanz in August forecast sharply higher profit in its 2012/13 year thanks to the takeover of a shopping centre in Russia and faster turnaround times for selling assets.

($1 = 0.7743 euros) (Reporting by Michael Shields; Editing by David Cowell)

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