Steiner makes a profit of almost 50 million

Steiner AG considers itself to be on track with the transformation of its business model with a focus on real estate development: The first year of transformation was concluded with a "very good result", the company announces. Consolidated sales according to Swiss GAAP FER reached CHF 763.6 million, and business activities generated an operating result of CHF 49.7 million before interest and taxes.

Solid growth was achieved in all key areas of the core business, Steiner said: In addition to the strong real estate development business, the high construction activity of the total/general contractor model in Western Switzerland also delivered a robust result. Profits from sales of condominiums and developed projects to investors with a total market value at completion of CHF 880 million also contributed to the good result, Steiner added.

In the past financial year, Steiner also acquired new development projects with a forecast market value on completion of around CHF 1.5 billion. The portfolio of ongoing real estate developments thus now amounts to CHF 6.4 billion. (ah)