IVG Rises Most in Three Years as German Property Company Beats Estimates

IVG Immobilien AG (IVG) climbed the most in three years in Frankfurt trading after the German real-estate company’s third-quarter earnings and revenue beat analysts’ estimates.

The shares rose as much as 18 percent to 3.64 euros. IVG reported operating profit of 58.6 million euros ($80 million) today. Analysts expected earnings of 50.9 million euros, the average of four estimates in a Bloomberg survey.

IVG attributed the profit increase to its gas-storage caverns business. The Bonn-based company said net asset value increased to 6.66 euros a share at the end of September from 6.38 euros on Dec. 31.

IVG was up 16 percent at 3.60 euros at 10:08 a.m. The shares have dropped 42 percent in six months, while the CDAX Performance Index has lost 19 percent.

Revenue for the third quarter was 121 million euros, IVG said. That exceeded the average expectation by analysts of 95.1 million euros.

To contact the reporter on this story: Andrew Blackman in Berlin at ablackman@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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