GIEAG Immobilien AG expects negative consolidated net income of approximately EUR 6.3 million for the financial year 2019 due to postponed project sale
According to the current status of the still preliminary financial information, GIEAG Immobilien AG (GIEAG, ISIN DE0005492276) expects a negative consolidated net income after taxes of approximately EUR 6.3 million (EUR -1.51 per share) for the financial year 2019 according to HGB accounting. For 2018, the corresponding consolidated net income after taxes was around EUR 27 million. Based on the current status of the still preliminary financial information for the financial year 2019, GIEAG expects a negative net income after tax of EUR 0.05 million in the individual financial statements for 2019 in accordance with HGB accounting, after a positive result of EUR 37 million in the previous year. The negative consolidated result is due in particular to the fact that revenues in fiscal 2019 were lower than expected. One of the main reasons for this was the successful sale of a logistics property in Erfurt to a German special fund, which was announced on March 16, 2020, the effect of which on earnings could only be recognized in the first quarter of 2020. GIEAG will probably present the audited consolidated financial statements in the second half of June 2020. The dividend strategy remains unchanged, the company still plans to pay a dividend in the current year.