Prelios says no property market recovery in crisis-hit Italy

MILAN Wed May 8, 2013 8:30am EDT

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MILAN May 8 (Reuters) - Loss-making property manager Prelios said revenues and operating profits fell in the first quarter of the year, hit by a slump in the Italian real estate market.

The manager of properties in Italy, Germany and Poland including department stores and corporate headquarters said on Wednesday revenues fell 20 percent to 24.8 million euros in the first three months of the year.

Prelios also posted an operating loss of 3.4 million euros from an operating profit of 2.7 million euros a year before.

Prelios said it was confident its planned capital increases and debt rescheduling plans would help it grow this year. (Reporting by Antonella Ciancio)

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