Germany's LEG Immobilien narrows loss after further writedown
Updates with details and quote
DUESSELDORF, Aug 9 (Reuters) -LEG Immobilien LEGn.DE, one of Germany's largest listed landlords, on Friday posted a smaller second-quarter loss than a year earlier after further writing down the value of its properties, as Europe's largest economy goes through its worst real-estate crisis in decades.
The company said that it was nevertheless raising its full-year earnings forecast.
The writedown of its properties was 1.6%, bringing total devaluations to nearly 17% from a 2022 peak. Its loss of 143.3 million euros ($156.48 million) for the quarter compared with a loss of 1.12 billion euros a year earlier.
"After a long time, the overall market is also giving us a tailwind again. The devaluation cycle is coming to an end in the foreseeable future," Chief Executive Officer Lars von Lackum said.
It said that it was raising a key profit metric - adjusted funds generated from operating activities - to between 190 million and 210 million euros, up from 180 million to 200.
($1 = 0.9158 euros)
Reporting by Matthias Inverardi; writing by Tom Sims; editing by Miranda Murray
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