BERLIN (dpa-AFX) - Vonovia SE (VNA.DE) Wednesday reported earnings before tax of 751 million euros for the first half, compared with loss before tax of 588.3 million euros in the same period a year ago, primarily helped by gain from fair value adjustments of investment properties.
Net income from fair value adjustments of investment properties was 520.3 million euros compared with 1.432 billion euros loss last year.
Excluding one-time items, adjusted earnings before tax increased to 984.3 million euros from 887.2 million euros a year ago.
The company posted net profit of 802.4 million euros or 0.97 euros per share compared with net loss of 427.7 million euros or 0.58 euros per share last year.
Net profit from continuing operations was 795.2 million euros or 0.96 euros per share compared with 508.2 million euros loss or 0.56 euros per share a year ago.
Revenue from property management was 2.516 billion euros, slightly down from 2.522 billion euros in the previous year.
For the full year, the company has raised its outlook. It now expects adjusted earnings before tax to be in the range of 1.85 billion euros - 1.95 billion euros, up 100 million euros from the previous outlook.
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