Alta Fides: Rising revenues from trade and rents
In the first nine months of 2007, Alta Fides AG managed to rise its earnings as planned. By the third quarter of the current year, the concern achieved a turnover of €33.29mn (plus 79% compared to the same period in the previous year) and obtained an operating profit of €11.73mn (plus 46%). According to the company, this positive development was supported by a significantly increased turnover in the business activities of trading, managing the company's own portfolio, and selling apartments, as well as by higher revenues from rents. In addition to this, Alta Fides also explains the development by its strategy to expand its property portfolio constantly when meeting attractive enough offers, giving as an example the acquisition of 14 refurbished multifamily residences in Leipzig conducted at the beginning of November. Also, the subsidiary company Campus Real Estate AG is currently developing four projects encompassing a total of 1,300 residential units and is planning more developments right now, according to Alta Fides.