bfw liegenschaften presents half-year results
According to preliminary and unaudited results, bfw Liegenschaften AG increased its rental income by 18 percent to CHF 7.8 million in the first half of 2015. This was mainly due to the property in Zurich (Hönggerstrasse 40 / Röschibachstrasse 22), which has been included in the portfolio since the beginning of the year, the company says.
The market valuation of the real estate portfolio resulted in income from revaluation of six million CHF, compared to 1.6 million CHF in the previous year, bfw added. The change in market values resulted mainly from a reduction in discount rates by the independent real estate appraiser KPMG as well as from the successful development of the new construction projects. At EBIT level, the company generated a profit of CHF 12.5 million (previous year: 7 million), according to the preliminary results.
The fair value measurement of interest rate swaps and receiver swaptions resulted in a negative pre-tax effect of CHF 1.8 million (previous year: minus 3.1 million). Taking these effects into account, profit including revaluation and attributable deferred taxes amounted to approximately CHF seven million, compared to CHF 1.9 million in the previous year. Excluding the fair value adjustments of the interest rate swaps and receiver swaptions, profit was around CHF 8.5 million (previous year: 4.4 million).
bfw liegenschaften AG will publish the 2015 half-year report and further details on the half-year results on September 10, 2015. (ah)
