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Immofinanz shares drop 4 percent after profit warning
December 20, 2012 / 8:31 AM / 5 years ago

Immofinanz shares drop 4 percent after profit warning

VIENNA (Reuters) - Shares in Immofinanz (IMFI.VI) fell more than 4 percent on Thursday after the company warned it would not make its full-year earnings target.

The logo of Austrian real estate group Immofinanz is pictured on top of the company's headquarters building in Vienna August 13, 2010. REUTERS/Heinz-Peter Bader

Immofinanz said late on Wednesday it would not reach its target of 600 million euros ($796 million) in profit from operations for its financial year ending April 2013, because of a sharp drop in property development income.

By 3.07 a.m. ET, Immofinanz shares had pared losses to trade down 3.9 percent at 3.28 euros, off a low of 3.26.

($1=0.7542 euros)

Reporting by Georgina Prodhan; Editing by Mike Nesbit

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