Procimmo fund PSCF 2 makes less profit in the first half of the year
As income fell slightly and expenses increased, PSCF 2 reported an overall result below the previous year. Unrealized capital losses also had a negative impact.
The Procimmo Swiss Commercial Fund II (PSCF2) has been launched ahead of the upcoming Merger with the Procimmo Real Estate SICAV fund presented its half-year figures. Accordingly, rental income of CHF 19.3 million remained almost at the previous year's level (CHF 19.5 million). However, total income fell slightly from CHF 20.2 million to CHF 19.5 million. This was offset by higher expenses totaling CHF 8.7 million (previous year: CHF 7.8 million). Net income fell from CHF 12.5 million in the previous year to CHF 10.9 million. The bottom line is an overall profit of CHF 9.6 million after CHF 14.6 million in the previous year. The profit was depressed by unrealized capital losses (CHF 1.9 million). In the previous year, there were unrealized capital gains of just under CHF 3.2 million.
The return on equity (ROE) amounted to 3.71% after 5.10% in the same period of the previous year. The return on investment - calculated over six months - amounted to kEUR 2.041 (previous year: kEUR 5.341). The net asset value increased to CHF 120.86 per unit as at March 31 (previous year: CHF 121.41).
Total fund assets increased slightly to CHF 698.6 million (previous year: CHF 696.9 million), while net fund assets amounted to CHF 477.4 million after CHF 479.5 million in the previous year.
The fund's debt ratio increased to kEUR 28.361 (previous year: kEUR 27.841) and the operating profit margin (EBIT) fell to kEUR 65.491 (previous year: kEUR 75.061).
The rental loss rate fell from 12.45% to 11.69%. The TER REF (GAV) is 0.89% after 0.95% in the previous year.
PSCF 2 holds 43 properties in the cantons of Aargau, Basel-Land, Bern, Fribourg, Graubünden, Lucerne, Schwyz, Solothurn, Thurgau, Zug and Zurich. (ah)
