Declining earnings
In the first half of the year, Mobimo earned significantly less than in the same period of the previous year. The Lucerne-based real estate company announced that the result was "in line with expectations".
With a corporate profit of CHF 37.9 million, Mobimo reports a half-year result that is significantly below that of the previous year (first half of 2017 CHF 63.3 million). According to the company, the first half of 2017 was characterized in particular by a strong boost in revaluation and the particularly high success from the sale of properties - in this respect, the current half-year result was lower, as expected.
Lower revaluation gain
Profit attributable to Mobimo shareholders including revaluation amounted to CHF 37.6 million in the reporting period (first half of 2017: CHF 62.4 million) and CHF 24.4 million excluding revaluation (CHF 40.1 million). At EBIT level, a result of CHF 57.3 million (CHF 92.9 million) or CHF 39.6 million excluding revaluation (CHF 62.3 million) was generated. This corporate result yielded earnings per share of CHF 6.04 (CHF 10.03), excluding revaluation CHF 3.92 per share ( CHF 6.46).
The revaluation of investment properties and investment properties under construction resulted in a profit of CHF 17.7 million in the reporting period (first half of 2017: CHF 30.6 million). The highest contribution to revaluation income came from investment properties under construction for the own portfolio, with a revaluation income of CHF 18.0 million (first half of 2017 CHF 23.8 million).
Due to changes in the portfolio, i.e. individual sales, Mobimo posted slightly lower rental income in the first half of 2018 (CHF 54.7 million compared with CHF 56.4 million in the same period of the previous year); the vacancy rate remained virtually unchanged in the challenging environment at a relatively low 5.1 percent (December 31, 2017: 4.9 %).
Positive outlook
In view of the upcoming completions of the residential and commercial properties in Zurich's Labitzke site, the Seehallen in Horgen, the Aeschbachquartier in Aarau and the Mattenhof in Kriens, as well as smaller projects and the integration of the extensive portfolio of Fadmatt properties (the acquisition is expected to be completed on August 22), Mobimo expects an increase in rental income of around CHF 27 million in the 2019 financial year compared with the 2017 financial year. This corresponds to an increase of around 24 percent, the company says.
Overall, the company believes it is "very well positioned to succeed" in an environment characterized by economic growth on the one hand and continued low interest rates on the other. The Board of Directors and the Executive Board are convinced that the company will continue to perform well in the second half of the year and beyond: "Mobimo will remain a stock with an attractive payout." The company did not provide concrete details on the amount of the expected dividend.
