Real estate developer Instone is coming under pressure because of the Ukraine crisis.
(Photo: obs)
Dusseldorf After falling sales and profits at the beginning of the year, the board of real estate developer Instone conceded the annual targets and thus sent its shares plummeting. The titles collapsed by more than 30 percent on Thursday and marked a low of less than ten euros.
CEO Kruno Crepulja had previously withdrawn his goals for 2022 and did not dare make any new forecasts. In view of the uncertainties, a reliable outlook is not possible, he explained.
The manager cited the consequences of the Ukraine war as one reason. “From today’s perspective, the effects of the Russian invasion of Ukraine will lead to ongoing supply bottlenecks and rising construction costs.”
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