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13 February 2012

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Austria's conwert 9mth profit down, cuts target but sees steady income rises

Declining revaluations pushed nine-month EBIT posted by the Austrian listed manager conwert Immobilien down to e108.27m from e137.7m in the year earlier period and forced it to abandon its June forecast of a full-year rise of 10%-15% in its portfolio value. But the Vienna-based group said it expects a continuation of steady year-on-year increases in rental income.

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