VIENNA, Aug 6 (Reuters) - Austrian property group Immofinanz forecast improved profit as it focuses on reducing vacancies and cuts overhead expenses.
“These optimisation measures will support a steady improvement in earnings and form the basis for Immofinanz group’s progressive, sustainable dividend policy,” it said on Monday.
Net profit for the its 2011/12 financial year that ended on April 30 fell 13.4 percent to 271.4 million euros ($334.9 million) due primarily to non-cash effects from revaluing derivatives, it said.
Adjusted for foreign exchange effects and derivatives, net profit rose by a quarter to 385.7 million.
$1 = 0.8104 euros Reporting by Michael Shields