Mobimo AG stays on course
Mobimo AG generated a corporate profit of CHF 63.3 million in the first half of 2017 and has a well-filled project pipeline.
Rental income in the first six months of this year remained almost on a par with the previous year at CHF 56.4 million (H1 2016: 56.8 million). Mobimo reports the current vacancy rate at 4.9 (4.8) percent. Income from sales promotion and development services amounted to 13.3 (17.0) million. At 30.6 million (20.9), income from revaluation, which is mainly development-related, was significantly higher than the previous year's result.
Following the record result of the previous year, the AG was thus also able to achieve a pleasing half-year result in 2017 with good operating results in all areas, Mobimo reports. Numerous projects under construction and in planning also opened up "further growth potential".
Profit attributable to Mobimo shareholders in the first half of 2017 was CHF 62.4 (89.5) million including revaluation and CHF 40.1 (74.2) million excluding revaluation. Earnings per share of CHF 10.03 (14.39) were thus generated. Excluding revaluation, the result was CHF 6.46 (11.93) per share.
Acquisition in Meggen
As at June 30, 2017, the share of rental income from residential use was around 28 percent. Mobimo is currently realizing projects for its own portfolio, particularly in Zurich, Kriens, Aarau and Lausanne, with a total investment volume of 480 million. This would result in additional rental income of over 25 million per year by the end of 2019.
Further development projects with a total investment volume of around 370 million and a target rental income potential of over 20 million for the company's own portfolio are in the planning stage. The pipeline of projects for third parties has a total investment volume of around 800 million.
A total of 74 condominium apartments were transferred to the new owners in the first six months of this year. They originate to a large extent from the Aarau Aeschbachquartier, which was completed in spring 2017. After the balance sheet date, the company acquired a plot of land in Meggen (LU) on Lake Lucerne and is planning around 30 condominiums there.
Sales in Zurich, Renens and Versoix
Mobimo sold three investment properties in the first half of 2017: the Apollo office building in Zurich, a commercial property in Renens and an apartment building in Versoix. These sales resulted in a gain of 17.8 (33.9) million. The sales proceeds will be "invested in the company's own development pipeline at higher returns," the media release continues.
Mobimo Holding AG, founded in Lucerne in 1999, has been listed on the SIX Swiss Exchange since 2005 and has a real estate portfolio with a total value of over 2.7 billion. The portfolio consists of investment and development properties in locations in German- and French-speaking Switzerland.
