The Hahn Group's revenues were up for the first half, to €29.72 million (last year: €18.88 million). Most of this increase came from higher rental income. The operating profit (EBIT) performed even better, rising 220% to €9.69 million.
"We grew our business further in the first half of 2008, and our operations are well under way. We've made the necessary preparations to place the starting portfolio of our Hahn FCP and other fund shares in the second half, with a premium-quality pipeline. We'll also be entering into additional co-investments," said Bernhard Schoofs, CEO of Hahn-Immobilien-Beteiligungs AG. "For the year as a whole, however, we foresee impeding factors that have led us to adjust our earnings projections. We still expect to show a profit in 2008, but because of difficult conditions in the financial markets, we now expect that profit to be appreciably less than last year's figure."
The Group showed an after-tax loss of €2.18 for the first half of 2008, compared to a profit of €1.76 last year. Earnings per share were €-0.18 (vs. €+0.15). The principal factors behind the lower earnings ex-pected for the year were the lower commission income from the placement of Pluswertfonds shares, and the already-announced advance costs for marketing the institutional Hahn FCP-FIS