Italy’s IGD sees slight decrease in profits

Italian real estate company Immobiliare Grande Distribuzione has reported consolidated management revenue of €90.5m at the end of September 2013, 1.8% less than the same period last year.

IGD, which owns and manages shopping malls and supermarket distribution, is listed on the Italian Stock Exchange. Its total net profit of €10.7m over the period is two-thirds compared with the same period in 2012 – €5.2m.

As the half-year report says, the decrease was due to the effect of fair value fluctuation in real estate.

Funds from Operations remain stable compared with 2012, posted as €26m.

The company’s net financial position was of €1.086bn, stable compared with the end of 2012 (€1.089bn.)

Claudio Albertini, CEO at IGD, said: “In such a difficult context, carachterised by a general crisis, our group has managed to keep its financial situation stable compared with 2012.”

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