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Germany's Colonia sees return to profit for 2009
German listed group Colonia Real Estate expects 2009 consolidated net income back in profit at E9.0m, turning round a loss of E83m in 2008, and will focus in 2010 on reducing vacancies and boosting rental income. In contrast to 2008's burden of impairments on the portfolio, the market value last year held stable with a slight upward trend, it said in recent preliminary figures. This enabled positive earnings before interest and taxes of E35.4m, turning round the previous year's E58.5m loss. Preliminary NAV at year end was E10.16 per share. The stock was last trading around E4.10. (See upcoming PIE editions for full story)