* Q1 EBIT 118.2 mln euros, vs EBIT loss of 190.7 mln yr-ago
* Mainly due to writing up value of development projects
* Net asset value rises to 5.37 euros/share
(Adds detail, background)
VIENNA, Sept 29 (Reuters) - Austrian developer Immofinanz swung to an operating profit in its fiscal first quarter as it wrote up the value of development projects.
Earnings before interest and taxes (EBIT) in the three months to July came in at 118 million euros ($173 million), after an EBIT loss of 191 million a year ago, Immofinanz said in a statement on Tuesday.
The main swing factor was a 131 million euro write-up of the value of development projects, which more than balanced a further 118 million writedown of existing property.
Immofinanz's emerging Europe arm Immoeast -- whose results are consolidated by Immofinanz -- last week also reported a return to profit in its first quarter and said it would also report a full-year profit. (Reporting by Boris Groendahl; Editing by Dan Lalor) ($1 = 0.6822 euro)