Deutsche Wohnen reports rise in net income in Q1 2006 (DE)

Deutsche Wohnen AG has published Group key figures regarding the first quarter of the fiscal year 2006. Groups result of ordinary activities amounted to €3.3 million and Group net income accounted for €2.1 million (both according to IFRS). Compared to the first quarter in 2005 this represents rises by €1.8 million (+ 120%) resp. €2.3 million (+ 288%).

Compared to Q1 2005 the number of booked privatisations increased by 96 units (128 compared to 32). Reason for that is particularly the backlog of privatized units from 2005, which is at the same time deciding factor for the obviously arised Group results before and after tax. Further to that the number of sold but not balanced privatizations increased by 20% up to 193. Gross earnings from privatization amounted to €2.7 million, compared to Q1 2005 (€0.7 million) an improvement of €2 million.

In the property management income from actual rent decreased slightly down to €19.5 million (March 31, 2005: €20.2 million), but this exclusively due to privatisations. Gross earnings from property management came down to €11.7 million (compared to €12.2 million in Q1 2005). The vacancy situation did not change. On March 31, 2006 the whole vacancy rate amounted to 7.6%, but 3.8% is planned vacancy resp. vacancy due to maintenance measures in the pipeline of privatisations.

Source: Deutsche Wohnen

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