SFPI: Profit up 15 percent
Swiss Finance & Property Investment AG (SFPI) closed the 2016 financial year with a significant jump in profits. Net profit excluding revaluation effects rose from CHF 12.6 million to CHF 14.5 million, an increase of around 15 percent.
SFPI further reports that operating income before revaluations increased by 38.8 percent from CHF 31.7 million to CHF 44 million.
Earnings before interest and taxes (EBIT) in fiscal 2016 were 37.4 million (previous year: 31 million) and net profit including valuation effects was 24.4 million (previous year: 22.7 million). The increases were mainly due to revaluation and sales successes, the company writes in a statement.
As of December 31, 2016, SFPI's portfolio comprised a total of 42 properties at a market value of 498.5 million (previous year: 447.3 million).
The vacancy rate fell from 7.28 to 2.67 percent. According to the company, over 3,500 sqm of office space in Zurich was newly leased at an average rent of CHF 536/sqm/year.
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