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BRIEF-CPI Property Group Q3 net profit down to EUR 60 mln
December 1, 2016 / 6:26 AM / a year ago

BRIEF-CPI Property Group Q3 net profit down to EUR 60 mln

Dec 1 (Reuters) - CPI Property Group :

* Said on Wednesday net rental income slightly decreased by 1 pecrcent to 153 million euros ($162.42 million) in Q3 2016 (Q3 2015: 155 million euros)

* Substantial increase in total revenue from 205 million euros in Q3 2015 to 258 million euros in Q3 2016 has been primarily driven by the acquisition of the portfolio Sunani Hvar hotels in May 2016 and the acquisition of CPI Hotels in August 2016

* Operating result improved significantly from 127 million euros in Q3 2015 to 145 million euros in the same period of 2016. Net profit for the period amounted to 60 million euros (Q3 2015: 68 million euros)

* On Nov. 30, 2016, the Group disposed of the Vaci 188 and 190 properties in Budapest, Hungary; disposal has been structured as a share deal transaction, with a consortium of Hungarian investors as a counterparty

Source text for Eikon:

Further company coverage:

$1 = 0.9420 euros Gdynia Newsroom

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