Germany's LEG Immobilien narrows loss after further writedown (updated)

LEG Immobilien SE

09/08/2024 06:30

(Updates with details and quote)
       DUESSELDORF, Aug 9 (Reuters) - LEG Immobilien  LEGn.DE ,
one of Germany's largest listed landlords, on Friday posted a
smaller second-quarter loss than a year earlier after further
writing down the value of its properties, as Europe's largest
economy goes through its worst real-estate crisis in decades.
    The company said that it was nevertheless raising its
full-year earnings forecast.
    The writedown of its properties was 1.6%, bringing total
devaluations to nearly 17% from a 2022 peak. Its loss of 143.3
million euros ($156.48 million) for the quarter compared with a
loss of 1.12 billion euros a year earlier.
    "After a long time, the overall market is also giving us a
tailwind again. The devaluation cycle is coming to an end in the
foreseeable future," Chief Executive Officer Lars von Lackum
said.
        It said that it was raising a key profit metric -
adjusted funds generated from operating activities - to between
190 million and 210 million euros, up from 180 million to 200. 
  
        
  
    


($1 = 0.9158 euros)

 (Reporting by Matthias Inverardi; writing by Tom Sims; editing
by Miranda Murray)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))