BERLIN (dpa-AFX) - Deutsche Wohnen SE (DWHHF.PK), a German real estate company, on Tuesday reported a net loss for the first-half.
In addition, the company has noted that its previous year's values have been adjusted to current key figure and segment definition.
For the six-month period to June 30, the company recorded a net loss of 193 million euros or 0.49 euro per share, compared with a loss of 1.357 billion euros or 3.42 euros per share, posted for the same period last year.
Loss before tax stood at 264.4 million euors as against a loss of 1.991 billion euros in 2023.
Net loss from fair value adjustments of investment properties was 518.5 million euros, compared with a loss of 2.175 billion euros a year ago.
Total comprehensive loss was 192.3 million euros as against last year's loss of 1.361 billion euros.
The Net Asset Value or NAV, formerly EPRA NTA, declined by 1.8 percent since year-end 2023 to 16.676 billion euros or 42.01 euros per share. This decline was largely driven by the result from the fair value measurement of investment properties of negative 518.5 million for the first-half of 2024.
Rental income stood at 414.5 million euros, versus 404 million euros a year ago.
Revenue from property management was 688.1 million euros, compared with prior year's 697.3 million euros.
Looking ahead, for the full year, Deutsche Wohnen expects the value of the company to increase further and, as a result, sees a slight increase in NAV per share.
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