CEE property investor and developer Immoeast said on Friday it booked a 'massive loss' in the first half of the year as a result of extensive depreciations on investment properties and development projects in the wake of deteriorating market conditions. Immoeast, part of Austrian group Immofinanz, said its earnings before tax had swung sharply into the red to EUR -1.86 bn from EUR 298.9 mln in the fist half of 2007/08 . As a result of the depreciations and write-offs, NAV per share declined to EUR 7.95, a drop of 24.5% year-on-year.
Premium subscriber content – please log in to read more or take a free trial.
