Austrian property investment company Immoeast has reported a 22.3% drop in operating profits for the first nine months of its 2007/2008 business year. Immoeast, part of Immofianz, said revenues rose 62.2% to EUR 212mln from EUR 130mln in the previous period but from earnings before interest and taxes (EBIT) dropped from just under EUR 160mln to EUR 124mln. 'Higher earnings were prevented by a slight decrease in the valuation of the real estate portfolio as part of an internal valuation carried out at the end of the third quarter,' Immoeast said in a statement.
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