Austrian economic news in a flash - November 24

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Real estate company conwert said its net profit soared 112% to EUR 45.4m in the first three quarters of 2010. EBIT rose 51% to EUR 45.4m. All segments have contributed to the positive results, the firm said. The rental income rose 10% to EUR 131.3m.
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SW Umwelttechnik said its sales rose 15% to EUR 54.2m in the first nine months of the year. EBIT grew by EUR 3.4m to EUR 0.9m, thus returning to a profit figure compared to the same period last year. The company sees good growth chances in Hungary and Romania.
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Vienna Insurance Group has decided to postpone the issue of an up to EUR 500m bond. A spokesman for the insurer told APA news agency that the company was not in hurry and would observe the market development.
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Austria's competition authorities have green lighted the merger between local Bwin and UK PartyGaming. Germany has also approved the transaction and it is seen completing at the start of 2011.
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Insolvent industrial holding A-Tec has opened insolvency proceedings also against its subsidiary, technology group AE&E. The proceeds from the sale of AE&E's assets will be used for covering the liabilities of the parent. The move follows days of intensive speculations over the sale of AE&E. The subsidiary, with annual sales of around EUR 1.8bn, employs 5,000.

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Standard & Poors has improved the outlook on the ratings of Erste Bank and its Czech subsidiary Ceska to "stable" from "negative". The long- and short-term ratings of Erste were kept at A and A-, respectively.
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Real estate developer CA Immo posted a net profit of EUR 13.5m for the first three quarters of 2010, compared to a loss of EUR 78.3m a year earlier when the firm was hit by large-scale write-offs. The company sees a continuation of the positive trends by the end of the year.
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Verbund managed to place 39.215m new shares in its latest capital hike, at an issue price of EUR 25.50. This will result in proceeds of about EUR 1bn to be used for capital structure improvement and the utility's long-term investment plan. The Austrian state used its subscription rights in full in order to retain the mandatory stake of 51% in the firm.
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Austria's production index for industry and construction fell 1.6% in monthly terms in September, Statistik Austria reported. The index rose 3.6% in annual comparison.
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The number of overnight stays in Austria grew 1.3% to 62.47m in May to October,
which was a record-high result since 1995, Statistik Austria said. The number of tourists
grew 3.9% to 17.91m.