Munich-based Hypo Real Estate has announced a 38% drop in first quarter pre-tax profits to EUR 190mln from EUR 304mln the year before largely due to writedowns on bad investments. Without the amount from a mandatory convertible bond issued in connection with the acquisition of Dublin-based German lender Depfa, Hypo’s pre-tax profits totalled EUR 6mln. Announced year-earlier earnings are pro-forma to include the Depfa acquisition.
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