Decline in sales at Fortimo
The St.Gallen-based real estate company Fortimo Group reports sales of CHF 115.2 million for 2018, compared to CHF 206.3 million in the previous year. At the same time, the company sold a record number of apartments.
Fortimo Group describes 2018 as "a very pleasing financial year" for itself and its subsidiaries in a statement. As of December 31, 2018, the equity capital amounted to CHF 234.7 million after CHF 201.2 million in the previous year. The properties in the company's own portfolio were valued at 596.3 million at the end of the year (previous year: 507.6 million), it said. The equity ratio increased from 31.1 to 37.2%.
Fortimo has never sold as many apartments as in the past business year, the statement continues. There were 134 notarizations and 62 reservations. The company sees this as confirmation of the coherent price/performance ratio of its offers. Nevertheless, first-time leasing and re-letting are challenging, as overproduction has developed in peripheral locations as a result of investment pressure. "Special measures such as price adjustments or competitive advantages over the competition are necessary for the corresponding marketing success," Fortimo writes.
Fortimo Group AG develops, holds and operates residential and special properties. Since the start in the year
In 2000, the company says it planned and built more than 4,000 residential units on its own account. (ah)
