Patrizia takes in more fees
Patrizia increased fee income by almost a quarter to €71.1mn in Q1 (Q1 2018: €65.1mn). Recurring income from administrative fees and transaction fees increased, while performance-based fees came in under last year’s period. Patrizia reports that EBIT fell from €42.7mn to €24mn, whereby the previous year’s figure was influenced by one-off effects. Acquisitions made in Q1 totaled €0.5bn and disposals €0.6bn. Patrizia says that it has performed well in a market environment characterized by declining transaction volumes, and has improved the quality of its earnings. The company’s annual forecast for EBIT of €120mn to €130mn was confirmed.
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