MILAN (Thomson Financial) - Pirelli & C Real Estate SpA said on Thursday
first quarter net profit fell 48 percent from a year earlier, matching analysts'
expectations, driven lower by a decline in sales which has characterised the
entire real estate sector.
Net profit at the Italian real estate company fell to 11.6 million euros in
the quarter from 19.0 million in the same period of 2007, while EBIT including
equity investment income fell to 25.0 million from 47.3 million.
Analysts polled by Thomson Financial News had expected a net profit of
between 9 and 14 million euros and an EBIT including equity investment of
between 25 and 27 million.
Consolidated sales fell to 189.5 million euros from 201.0 million.
Looking ahead, Pirelli RE said it sees a weak first half and a full year
EBIT including equity investment and excluding restructuring charges to be in
line with 2007.
"We are confident in an improvement in the second part of the year," said
CEO Carlo Puri Negri in a statement.
danilo.masoni@thomsonreuters.com
dm/ajb
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