GIEAG Immobilien AG expects positive consolidated net income of approximately EUR 12.9 million for the first half of the 2020 financial year and confirms forecast for 2020
GIEAG Immobilien AG (GIEAG, ISIN DE0005492276) will publish its half-yearly consolidated figures for the first time. According to the current status of the still preliminary financial information, GIEAG expects a consolidated net profit after tax for the first half of the 2020 financial year as at 30 June 2020 according to HGB accounting of approximately EUR 12.9 million. Consolidated sales in the first six months of the 2020 financial year are expected to amount to approximately Euro 49.7 million. Comparative figures from the same period of the previous year are not available in each case, as half-yearly consolidated figures are being published for the first time. A key driver of the company’s success was the sale of the Erfurt II project, which was booked in the first quarter. The current economic and social situation continues to be characterised by considerable uncertainty and the long-term consequences of the Covid-19 pandemic are still not foreseeable. GIEAG continues to monitor the current development very closely. Despite the continuing difficult economic environment, GIEAG confirms at this point in time its forecast for the full year 2020 that the consolidated net profit (consolidated net profit) for the current financial year 2020 will be positive and thus the negative result from 2019 will most likely be exceeded with a positive consolidated net profit. The detailed half-year report is expected to be published in mid-October.