FRANKFURT (dpa-AFX) - Aroundtown shares stabilized a little on Tuesday after the presentation of quarterly figures. Starting at another record low, they quickly shook off their losses and at times climbed more than 7 percent to 0.973 euros. This put them in first place in the moderately higher MDax index of medium-sized companies.

The commercial real estate specialist felt the impact of falling building values and property sales, but nevertheless confirmed its targets for the year. First-quarter operating profit (FFO 1) was roughly in line with expectations, wrote Goldman Sachs analyst Jonathan Kownator. Net asset value per share, on the other hand, exceeded the U.S. investment bank's estimate.

Like many others in the industry, Aroundtown is looking to reduce debt through property sales. Aroundtown is now making progress in this area, UBS said. In the first quarter, for example, the company completed the sale of properties worth around 460 million euros around book value. More are to follow.

Despite the current high price growth, Aroundtown shares could not yet shake off their status as a penny stock on Tuesday. Since the turn of the year, the price loss in the morning amounted to 60 percent, this is the weakest development of all MDax stocks.

The entire sector was recently troubled by high inflation and the associated rise in key interest rates. These influences had put an abrupt end to the long real estate price boom in Germany in recent months. Before the corona-borse crash in 2020, Aroundtown had still reached a record high of 8.88 euros./ajx/ag/mis