Immofinanz says Crimea crisis impact on Russian business uncertain
VIENNA, March 19
VIENNA, March 19 (Reuters) - Austrian property group Immofinanz said the jury was out on the potential impact of Ukraine's political crisis on its business in Russia, which will be its biggest market once it completes a spin-off of its BUWOG residential unit.
"The extent of a potential effect on the commercial development of our target markets, above all Russia, cannot be estimated at the present time," it said on Wednesday while announcing net profit in the first three quarters of its fiscal year rose 7.1 percent to 225.8 million euros ($314 million).
"Although the weak rouble has a short-term positive effect on results through the valuation of our properties, it represents a negative factor for the development of our business in Russia over the medium- and long-term."
($1 = 0.7189 Euros) (Reporting by Michael Shields; Editing by Anthony Barker)