LUXEMBOURG (dpa-AFX) - Following a loss in the previous year, commercial real estate specialist Aroundtown has returned to profit in the first three months of the current year. Aroundtown earned a good 102 million euros on the bottom line, the company announced in Luxembourg on Wednesday. In the same period of the previous year, it was almost minus 22 million euros, which was mainly due to the devaluation of the real estate portfolio. The operating business, on the other hand, was weaker year-on-year: net rental income fell slightly to just over 293 million euros and the key operating figure FFO1, which is important for the real estate sector, fell by 10 percent to around 76 million euros. The company confirmed its forecast for the year.

Meanwhile, Aroundtown is continuing to streamline its real estate portfolio in view of the persistently difficult market situation: sales amounting to EUR 200 million have been signed since the beginning of the year, the company added. The real estate sector is being burdened in particular by higher interest rates on loans and construction costs./lew/stk