bfw liegenschaften: Rental income up, profit down
According to preliminary results, bfw liegenschaften ag increased its rental income by around six percent in the first half of 2017. However, profit declined slightly.
Rental income increased from CHF 8.2 million to CHF 8.7 million compared to the first half of the previous year, bfw liegenschaften reports. The market valuation of the property portfolio resulted in income from revaluation of 9.1 million compared to 10.7 million in the previous year. At EBIT level, the real estate company achieved a profit of 16.3 million (previous year: 17.5 million) according to the preliminary and unaudited results.
The fair value measurement of interest rate swaps and receiver swaptions resulted in a positive pre-tax effect of 1.8 million in the first half of 2017. In the previous year, there had been a negative effect of 7.9 million. Taking into account the effects of these valuation differences of the interest rate swaps and receiver swaptions, profit including revaluation and attributable deferred taxes amounted to around 13.2 million (previous year: 6.0 million). Excluding the fair value adjustments of the interest rate swaps and receiver swaptions, profit was around 11.8 (12.6) million.
In the past financial year 2016, bfw liegenschaften had increased profit and EBIT to record levels. The listed public limited company headquartered in Frauenfeld (TG) will publish its half-year report 2017 and further details on the half-year results on September 14, 2017.
