Vonovia Nine-Month Profit Grew; Backs 2020 View

By Cecilia Butini

Vonovia SE said Wednesday that net profit for the first nine months rose on year and backed its outlook for 2020.

The German real-estate company posted net profit of 1.89 billion euros ($2.22 billion) up from EUR63.4 million the previous year.

Rental income as of Sept. 30 was EUR1.71 billion up from EUR1.53 billion a year prior.

Earnings before interest, taxes, depreciation and amortization stood at EUR1.38 billion compared with EUR1.23 billion the year before.

Vonovia's funds from operations, or operating profit after interest and taxes, clocked in at EUR1.01 billion for the period from EUR932.8 million in 2019.

The company backed its outlook for 2020, and said it expects the coronavirus pandemic not to have any significant impact on its four business areas.

For 2021, the company expects total adjusted Ebitda of between EUR1.97 billion and EUR2.02 billion, and funds from operations of between EUR1.41 billion and EUR1.46 billion, assuming a stable legal position.

Vonovia plans to propose a dividend of EUR1.69 a share when it holds its annual general meeting in May, it said.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

November 04, 2020 01:40 ET (06:40 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.