Austrian economic news in a flash - November 22

Atrium Real Estate said it posted a pretax profit of EUR 120.3m for the first nine months of the year, compared to a loss of EUR 374.5m a year earlier, due to the stabilisation of the markets in CEE. The net rental income rose 12.8% to EUR 100.2m. The board has decided to raise the annual dividends to EUR 0.14 per share.

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Pankl Racing Systems AG said it raised its net profit to EUR 3.3m for fiscal 2009/10, from EUR 1.2m a year earlier. Sales went down 2% to EUR 87.55m, the company said confirming already released preliminary results. The figures show the success of the implemented revamp measures, Pankl added.

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Real estate firm Immofinanz needs EUR 760m for refinancing of its bonds, CEO Eduard Zehetner told Kurier. He further said the company's stock is currently considerably undervalued and Immofinanz will stick to its dividend plans as long as the refinancing of its convertible bonds is secured. Zehetner also added that he was certain the company would avoid the fate of industrial holding A-Tec, which had to declare insolvency after failing to serve its bonds.
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Austrian Airlines said it will refit part of its medium-haul fleet with new seats produced by Recaro Aircraft Seating. The new seats will be lighter and will result in additional space on the planes, as well as less fuel and bring more comfort to the passengers. In addition, AUA said it is cancelling its savings programmes in regard on-board catering. 
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Troubled bank ÖVAG said it managed to return to the profit zone, with a net result of EUR 56.6m in the first nine months of the year, after a loss of EUR 488m a year earlier. The company's 2009 results were hit by write-offs of some EUR 607m. ÖVAG predicts a pretax profit in the high double digit million range for full 2010.
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Bangkok Mass Transit System Public Company Limited has placed a EUR 42m order with Siemens Austria for the production of 35 trailer cars for the city's elevated rapid transit system. In addition, Siemens will participate in the electrification of the line's extension.