Aedes said to be on track despite disappointing quarter

Following on from increased operating profit and reduced net profit figures previously reported for the first half of 2007, Italian real estate company Aedes released its report for the third quarter this week. Gross revenue for the period amounted to EUR 9.9 mln, compared to EUR 89.1 mln for the third quarter of 2006. A loss from equity investments and joint ventures was reported of EUR 1.8 mln, compared to a profit of EUR 6.9 mln for the same period last year. Aedes says that the negative balance for the third quarter of is mainly due to its new REIF3 joint venture, which operates in the housing sector. The operating loss for the third quarter amounts to EUR 10.1 mln, compared to an operating profit of EUR 9.5 mln for the same period of 2006.

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