Züblin: Half-year ends with profit
Züblin Immobilien Holding generated a profit of CHF 1.8 million in the first half of 2018/19. The company distributed a dividend again after nine years.
For the first six months of the 2018/19 financial year, Züblin reports a profit of CHF 1.8 million - compared with a loss of CHF 30.4 million in the same period of the previous year.
Net operating income remained stable at 3.7 million with a slight increase in rental income, Züblin reported. Due to changes in the market value of investment properties compared with the previous year, Ebit fell by 0.3 million to 2.7 million. Income from continuing operations reportedly amounted to 1.8 million, an increase of 2.6 million compared to the same period last year. Of this amount, 2.1 million was attributable to non-recurring effects in the prior-year period, the statement added. Earnings per share for the first six months of the 2018/19 financial year amounted to CHF 0.56.
The total value of the Swiss portfolio as of Sept. 30, 2018, increased by 1.0 million to 201.2 million during the period, according to the release.
Despite high vacancy rates in Bern, the vacancy rate for the entire portfolio is around ten percent and the remaining lease term (WALT) is around five years, Züblin added.
With the acceptance of the tax-free distribution of CHF 1.00 per registered share - a total of 3.3 million - from statutory capital contribution reserves, Züblin paid a dividend in June this year for the first time in nine years. Based on the stock market price on March 31, 2018, this resulted in a distribution yield of 3.27 percent, according to the company. (ah)
