euro adhoc: Strategic management decisions
Hypoport processes record volume of
EUR3.767 billion via its Europace platform in third quarter; closure of its
loss-making business for ABS investors announced
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Company Information
09.10.2008
Berlin, 9 October 2008: Hypoport AG generated a new record volume of transactions worth EUR3.767 billion in the third quarter of this year. This represents an increase of more than 20 per cent compared with the same quarter of 2007. The Company processed EUR3.466 billion worth of home loans and EUR0.301 billion worth of personal loans via its Europace platform. At the same time it announced the closure of its loss-making 'Europace for ABS investors' business, which had reduced the Company's earnings before interest and tax (EBIT) by approximately EUR1 million in the first half of this year. Write-downs on software development and provisions set aside to cover the discontinuation of this business are expected to incur one-off charges of roughly EUR3 million for the third quarter. Despite these charges, Hypoport still expects to report a significant net profit for the year as a whole. Once it has closed its loss-making business for ABS investors, all of the business units in the Hypoport Group will be profitable as from the fourth quarter of this year.
end of announcement euro adhoc
Further inquiry note:
Matthias H. Layher
Head of Group Communications
Telefon: +49(0)30 42086-1930
E-Mail: matthias.layher@hypoport.de
Branche: Financial & Business Services
ISIN: DE0005493365
WKN: 549336
Börsen: Börse Frankfurt / regulated dealing/prime standard