LUXEMBOURG (dpa-AFX) - High financing costs and valuation losses on properties weighed on the balance sheet of Aroundtown subsidiary Grand City Properties in the first half of the year. However, the company is becoming more confident about its operating profit (FFO1) in the current year. Company CEO Refael Zamir is now targeting an operating profit of 175 to 185 million euros in 2023. Previously, he had targeted 180 million euros at best, compared with 192 million euros in the previous year. In the first half of the year, operating profit fell by three percent year-on-year to 94 million euros, as the SDax-listed company further announced in Luxembourg on Wednesday. Below the line, the real estate group made a loss of almost 402 million euros due to a lower revaluation of the real estate portfolio. In the same period last year, Grand City Properties had still reported a profit of just under 234 million euros. Tenant lots, on the other hand, rose by five percent to around 204 million euros in the first six months./mne/mis