Peach Property: Unexpected jump in profits
According to preliminary figures, Peach Property Group more than quadrupled its net income in the first half of 2017: it rose from CHF 3.8 million in the same period of the previous year to now CHF 16 million.
This jump in profits is above expectations, Peach Property reports. The increase from 3.8 to 16 million in profit after tax resulted primarily from the expansion of the existing portfolio and asset management, the company said. Sales of the remaining development projects and the strengthening of the euro also had a positive effect.
According to preliminary figures, rental income increased by around 61 percent to 6.8 million in the first six months of 2017. Through acquisitions and active asset management, the market value of the existing portfolio increased by 48 percent to 332 million as of June 30, 2017, compared to the end of 2016, Peach Property further reports. The market value of the overall portfolio was 414 million.
Peach Property plans to publish final figures on its business performance in the first half of 2017 and its 2017 half-year report on August 22, 2017.
