Aroundtown falls after profit miss, dividend suspension

LEG Immobilien SE

29/03/2023 08:38

** Shares in Aroundtown  AT1.DE  drop around 7% after the
German real estate company missed 2022 profit estimates and said
it would not pay dividend for the year
    ** It reports 2022 net loss of 457 million euros ($494.5
million) due to property devaluations and impairment of goodwill
    ** A local trader says the FY net loss is "far worse than
feared" and 2023 FFO (funds from operations) guidance of 300-330
mln euros is also disappointing
    ** "FY22 dividend cancellation shouldn't really surprise,
but won't help," the trader adds
    ** The group's subsidiary Grand City Properties  GYC.DE 
also announced a dividend suspension earlier this month
    ** The stock, which already fell to record lows on Tuesday,
is among worst performers on Germany's mid-cap index  .MDAXI 
and pan-European STOXX 600  .STOXX 

($1 = 0.9242 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))