AUGSBURG (dpa-AFX) - Real estate group Patrizia increased its operating result in the first quarter thanks to higher management fees and lower costs. Earnings before interest, taxes, depreciation and amortization (Ebitda) therefore increased by 2.9 percent to 27.2 million despite the difficult market environment, the company announced in Augsburg on Thursday. Recurring management fees rose 13.8 percent to 62.2 million euros. Net expense items, on the other hand, declined thanks to the reorganization initiated in the fourth quarter. Assets under management climbed 4.9 percent year-on-year to 58.1 billion euros. However, it was down on the previous quarter due to negative valuation effects.

The equity ratio reportedly remained high at 70 percent, and the company had liquidity of more than 370 million euros. In addition, there were funds committed by customers and not yet invested in equity-rich funds with a volume of around four billion euros.

Patrizia reaffirmed its forecast for the current year and continues to target an Ebitda of 50 to 90 million euros in 2023. The forecast assumes that customer and market activity will pick up in the second half of the year, it said. The SDax-listed stock hardly reacted to the figures and was recently up 2.7 percent./nas/he