Swiss Prime Site: More revenue, slightly less profit
Swiss Prime Site AG achieved a result in line with its expectations in the first quarter of 2016, the company announced. Operating income increased by 14 percent year-on-year to CHF 243.7 million. Profit decreased slightly by 2.4 percent to 48.8 million (previous year: 50 million).
Excluding revaluations, Swiss Prime Site's EBIT decreased by 3.3 percent to CHF 83.8 million (previous year: 86.7 million). At 53.7 million, profit before revaluation effects (revaluations and deferred taxes) was slightly below the previous year (54.5 million).
The equity ratio rose further compared with the previous year and now stands at 46.6 percent. In total, equity exceeded the CHF five billion threshold for the first time, Swiss Prime Site reports. As of March 31, 2016, return on equity (ROE) was four percent (previous year: 4.7%) and return on invested capital (ROIC) was 2.7 percent (previous year: 2.9%).
Net asset value (NAV) before deferred taxes increased from CHF 85.83 to CHF 86.60 and after deferred taxes from CHF 71.15 to CHF 71.92 compared to December 31, 2015. Earnings per share (EPS) decreased from CHF 0.79 to CHF 0.71 and before revaluation effects (revaluations and deferred taxes) from CHF 0.86 to CHF 0.77 compared to the same period of the previous year.
Real Estate Business Area: Vacancy Rate Declines
In the Real Estate Business Segment, Swiss Prime Site kept rental income largely stable. Compared with the same period of the previous year, rental income from properties rose by 0.2 percent to CHF 113.2 million (previous year: 113 million). In this context, rental income from properties rented out significantly compensated for the lack of rental income from properties sold at a profit in the 2015 financial year, the company said.
The vacancy rate (Group) decreased to 6.5 percent compared with the same quarter of the previous year (7%) and December 31, 2015 (6.7%). Swiss Prime Site expects a further reduction in the vacancy rate. (ah)
