By Mauro Orru 
 

Vonovia SE said Tuesday that net profit and revenue for the first quarter increased, with the company's residential portfolio in Sweden being a particularly bright spot.

The German real-estate company said first-quarter net profit rose to 234.7 million euros ($283.2 million) from EUR197.5 million in the first quarter of 2020.

Revenue for the period climbed to EUR1.15 billion from EUR998.8 million a year prior.

Funds from operations, or operating profit after interest and taxes, rose to EUR382.9 million from EUR335.5 million a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization increased to EUR506.1 million from EUR456.1 million.

Vonovia said it continues to expect 2021 revenue of around EUR4.90 billion-EUR5.10 billion, while adjusted Ebitda should be between EUR1.98 billion and EUR2.03 billion. Funds from operations should come in between EUR1.42 billion and EUR1.47 billion for the year.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

May 04, 2021 01:22 ET (05:22 GMT)

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