Immofinanz Q1 operating profit rises 5 percent

VIENNA, Sept 24 Tue Sep 24, 2013 12:31pm EDT

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VIENNA, Sept 24 (Reuters) - Austrian property group Immofinanz has reported a 5 percent increase in first-quarter operating profits, thanks to higher income from property sales and development.

Its earnings before interest and tax rose to 200 million euros ($270 million) in the May-July period, while funds from operations (FFO), a measure of sustainable cash flow, fell 16 percent to 65 million euros, Immofinanz said on Tuesday. ($1 = 0.7412 euros) (Reporting by Georgina Prodhan; Editing by Greg Mahlich)