Italian real estate company Beni Stabili on Tuesday reported a 3.4% increase in operating profit to EUR 44mln in the first quarter of 2008, up from EUR 43mln in the year-earlier period. The company attributed the increase to purchases completed in 2007 which generated a 3.5% rise in the margin from rents; a strong performance from property fund management which yielded net service revenues of EUR 2.3mln compared with EUR 1.2mln in the first quarter of 2007; and a reduction in overheads to EUR 4.2mln compared with EUR 4.9mln a year ago.
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