August 6, 2012 / 7:26 AM / 5 years ago

UPDATE 2-Immofinanz sees improved earnings, higher dividend

* Year net profit down 13 percent to 271 mln euros

* Net profit up 25 pct excluding forex, derivatives

* Sees 2012/13 dividend rising to 20 cents, from 15

* Aims for 600 mln euros profit from operations - CEO (Recasts with comment from news conference)

VIENNA, Aug 6 (Reuters) - Austrian property group Immofinanz forecast sharply higher profit in its 2012/13 year thanks to the takeover of a shopping centre in Russia and faster turnaround times for selling assets.

Chief Executive Eduard Zehetner also said on Monday profit from operations should rise to around 600 million euros ($740 million) in the year to April 2013 from 479 million in 2011/12. It aims to boost its dividend by a third to 20 cents.

“We will try to sell more and to reinvest the money faster to generate development revenue,” he told a news conference, saying the group wanted to turn over a tenth of its portfolio each year on average rather than 5 percent now.

Immofinanz has assets in Austria, eastern Europe, Germany and Russia. More than half its assets are in eastern Europe, where it is contemplating seeking a market listing.

Net profit for the 2011/12 year to April 30 fell 13.4 percent to 271 million euros due primarily to non-cash effects from revaluing derivatives, it said.

Adjusted for foreign exchange effects and derivatives, net profit rose a quarter to 386 million euros.

Immofinanz shares rose 0.2 percent to 2.631 euros by 1221 GMT. ($1 = 0.8104 euro) (Reporting by Angelika Gruber and Michael Shields; Editing by Jon Loades-Carter and Helen Massy-Beresford)

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