As was the case in previous quarters, the results of the Hypo Real Estate Group in the first quarter of 2009 were characterized by the crisis on the international capital, financing and real estate markets as well as the costs of liquidity support. The pre-tax loss declined to -406 million, compared with a pre-tax profit of 190 million in the corresponding previous year period. The net loss after taxes for the period amounted to -382 million.
The CEO of Hypo Real Estate Holding AG, Dr. Axel Wieandt, said: "As was the case in the previous quarters, the first quarter of 2009 again posed a major challenge for the Group and its employees in market conditions which continued to be difficult. We are however, making good progress with restructuring the Group. Moreover, we have written new business of 0.6 billion in the field of real estate financing in the first quarter. For the most part this involved business with existing clients."
Source: Hypo Real Estate