Züblin reduces loss
Züblin Immobilien Holding AG reduced its loss in the first half of the 2015/16 financial year, which began in April, compared with the previous year. This resulted in a net loss of CHF 23.6 million, compared with a loss of CHF 118 million in the same period of the previous year.
Rental income declined from CHF 11.3 million to CHF 9.3 million in the reporting period, mainly due to property sales and the euro/CHF currency effect.
The operating result at Ebit level reached CHF 9.5 million, following a loss of CHF 28.2 million in the same period of the previous year. The withdrawal from France, which has now been completed, incurred one-off costs of CHF 26.6 million and resulted in a loss of CHF 23.6 million.
Income from continuing operations was positive at CHF three million and significantly above the previous year's figure (CHF -46.8 million). At CHF 330 million, the value of the real estate portfolio is around three percent higher than six months ago, mainly due to revaluations and currency effects.
The equity ratio is reported at 5.5 percent. At the end of the previous financial year, it stood at 4.8 percent, making balance sheet restructuring measures necessary. Züblin expects net proceeds of CHF 70 million from the capital increase approved at an Extraordinary General Meeting at the end of October. (ah)
