Instone hits record low on 2022 guidance suspension

Instone Real Estate SE

12/05/2022 08:07

** Instone Real Estate  INS2.DE  shares plunge 14%, hitting
record low, as the German real estate group suspends its
guidance for 2022 over uncertainties due to the war in Ukraine
 urn:newsml:reuters.com:*:nASM000BC9
    ** The Essen-based firm announced late on Wednesday that it
was suspending its forecast for 2022, citing supply bottlenecks,
risks to construction speed and limited visibility in the wake
of Russia's invasion of Ukraine
    ** "Increased financing costs might affect the affordability
of the Instone product for certain buyer groups and this may in
turn have an adverse impact on sales speed in the private
customer business," the company said in a statement, seeing FY
revenues, in particular, to fall short of expectations 
    ** Instone sinks at bottom of Germany's small-cap index
 .SDAXI 

 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))