Immofinanz slips to 9-m net loss on Russia write-down

March 16, 2016 5:57 PM

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VIENNA, March 16 Austria's Immofinanz on Wednesday confirmed a 400 million euro ($443 mln) write-down on its Russian portfolio which, alongside rental income falling by a quarter, pushed it to a nine-month net loss of 146 million euros.

The Russian economy, suffering from low oil prices and international sanctions, has weighed on Immofinanz's results. It said it would, if necessary, continue giving discounts to tenants in its five Russian shopping centres who have to pay their rents in dollars but have been hurt by the weak rouble....

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