BRUSSELS (dpa-AFX) - Vonovia SE (VNA.DE), a residential real estate company, returned to profit for the 9-month period ended September 30, helped by a strong turnaround in property valuation gains, even as rental income remained broadly steady.
Earnings before tax (EBT) surged to € 1.226 billion from a loss of € 502 million in the same period last year, reflecting a sharp swing in net income from fair value adjustments of investment properties, which rose to a gain of € 516.2 million from a loss of € 1.426 billion a year earlier.
Excluding one-time items, adjusted EBT from continuing operations rose to € 1.456 billion or € 1.76 per share from € 1.364 billion or € 1.67 per share last year.
Profit for the period jumped to € 3.409 billion from a loss of € 592.1 million in the prior-year period. Earnings per share totaled € 3.80, compared with a loss of € 0.67 last year.
Revenue from property management was nearly unchanged at € 3.789 billion, versus € 3.843 billion a year earlier, with revenue from property letting stable at € 3.666 billion. However, other revenue from property management declined to € 122.7 million from € 168.7 million.
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