Instone: Adjusted earnings exceed forecast
Housing developer Instone Real Estate exceeded its business forecast for last year. According to preliminary figures, pre-tax group earnings adjusted for purchase price allocations and one-off effects were between €41mn and €42mn, clearly exceeding the forecast of €32mn to €37mn. After taxes, €18.5 to €19.5mn remained, due to a tax effect. To date, the company has not released non-adjusted earnings figures for 2018. For the first nine months, losses of €1.6mn before and €10.5mn after taxes were recorded. The adjusted annual revenue came to between €370mn and €375mn, adjusted EBIT was €49mn to €50mn. For 2019, the executive board is forecasting an increase to €500mn to €550mn (revenue) and €85mn to €100mn (EBIT).
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