Immofinanz AG fell the most since February after the Austrian property company reported writedowns in Russia and eastern Europe and said it won’t pay a full-year dividend.
The shares dropped as much as 4.8 percent to 2.13 euros in Vienna, the most since Feb. 26, and were down 4.5 percent at 3:29 p.m. About 3.3 million shares changed hands, around 80 percent of the three-month daily average.
Immofinanz will post a net loss of 361 million euros ($395 million) for the year ended in April after taking writedowns on shopping malls in Moscow and office properties in eastern Europe, the company said in a statement on Monday. It will present results on Thursday.
“It’s understandable, but also disappointing that there will be no dividend,” said Thomas Neuhold, a Vienna-based analyst at Kepler Cheuvreux who has a hold rating on Immofinanz. “The high exposure to Russia and the deterioration of the business there will make it hard for the shares to outperform the market.”