FranconoRheinMain AG Q1 2009 revenue slightly higher than Q1 2008
consolidated profit minus EUR 0.6 million, after EUR +0.3 million in Q1 2008
Real estate assets in the balance sheet have remained unaltered in the first quarter of 2009. In the first months of 2009, FranconoRheinMain focused on asset management while exploring saving potentials. Administrative expenses were reduced to EUR 0.7 million, from EUR 0.9 million in Q1 2008. Financing costs in the first quarter 2009 amounted to EUR 1.7 million, following EUR 1.9 million in Q1 2008. For accounting reasons due mainly to the slight increase in real estate assets throughout 2008, operating and incidental expenses rose to EUR 1.0 million, after EUR 0.5 million in the first quarter of 2008.
The complete quarterly report can be downloaded as of May 15th, 2009 from the company's website at www.frm.ag.
Grainger Deutschland GmbH
FranconoRheinMain AG is a listed real estate company investing mainly in residential property in south-western Germany, with particular emphasis on the Rhine-Main region. FranconoRheinMain AG acquires individual apartment buildings based on strict investment criteria and active asset management, and seeks above-average, sustained returns. FranconoRheinMain AG (WKN A0J2LC) is listed in the prime standard of the Frankfurt stock exchange.