Prelios, formerly Pirelli Real Estate, closed the first nine months of 2011 with a net loss of 152,9 million euros: an increase of more than five times if compared to the 29,6 million of the same period of 2010. The write-downs for a total value of 136,1 million euros were the main cause of this fall. Among these, approximately 93,5 million euros relate to the write-down of BauBeCon in Germany.
Consolidated revenues also decreased to 121,6 million euros (42% less than the 210,2 million in 2010). Operating income amounted to 15,4 million euro, up 9% compared to 14,1 million in the January-September period of 2010. In on the other hand, the sale of properties increased to 1,5 billion euros against 900 million last year.
It's the net financial position is passive (-474,2 million euros), 10% less than at 31 December 2010 and substantially unchanged compared to June 2011.
In Piazza Affari, the Prelios share is losing more than 12% and during the morning the transactions were blocked due to excessive reductions.
