(RTTNews) - Vonovia SE (DAIMF) reported that its first half IFRS EBITDA was 877.4 million euros, up 8.1 percent from a year ago. Adjusted EBITDA total increased by 8.0% to 942.2 million euros from 872.8 million euros, prior year. Group FFO (operating earnings) rose by 11.0% to 676.3 million euros from 609.1 million euros.
First half income from property management was 1.56 billion euros, an increase of 8.7 percent from previous year.
The Group said it is currently observing stable demand for rental apartments and no negative impact on market values as a result of the coronavirus pandemic.
"We have weathered the coronavirus crisis well so far," said CEO Rolf Buch.
For fiscal year, the company projects adjusted EBITDA Total to be within the range of the most recently published guidance, between 1.875 billion euros and 1.925 billion euros. Group FFO is likely to come in the range of between around 1.275 billion euros and 1.325 billion euros.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.