By Maitane Sardon
Vonovia SE on Wednesday reported an increase in revenue in the first half of the year and confirmed its outlook for 2022.
The German real-estate company said net profit fell to 1.64 billion euros ($1.67 billion) in the first six months of the year from EUR2.61 billion in the year prior. In the second quarter, Vonovia's net profit was EUR1.70 billion, down from EUR2.37 billion.
Adjusted earnings before interest, taxes, depreciation and amortization came in at EUR1.40 billion for the first half, compared with EUR1.02 billion the same period of the previo year, it said.
Total segment revenue for the period was EUR3.11 billion, compared with EUR2.31 billion.
Vonovia said the increase in revenue was mainly due to the fiscal consolidation of Deutsche Wohnen, the German landlord it had acquired in 2021.
Group funds from operations --the company's key figure for operational profitability, also called FFO-- was EUR1.06 billion compared with EUR764.7 million.
The company confirmed its previously given outlook. Vonovia had said it is targeting total revenue of between EUR6.2 billion and EUR6.4 billion this year. It sees group FFO of between EUR2.0 billion and EUR2.1 billion.
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(END) Dow Jones Newswires