Swiss Estates: Loss despite increase in earnings
Swiss Estates did increase its consolidated net property income in the 2018 financial year compared with the previous year. Nevertheless, the company made a loss of CHF 868,000.
Swiss Estates increased its consolidated net property income from around CHF 6.1 million in the previous year to CHF 6.2 million. The annual result at group level nevertheless slipped into the red: the company posted a loss of CHF 868,000 after a profit of around 1.7 million in the previous year. This was mainly due to the correction of the market value of properties in Prilly (VD) from 31.4 to now 29.7 million, Swiss Estates reports. This probably represents a one-off effect, the company adds.
The annual financial statements of the individual financial statement, on the other hand, show a profit of 1.5 million after a loss of CHF 904,000 in the previous year. Allocations to reserves and retained earnings are therefore to be proposed to the Annual General Meeting on June 14 for the first time.
Swiss Estates invests in residential properties in the urban areas of Switzerland and the agglomerations of the larger cities. Residential properties with 20 rental units or more are acquired and developed on an opportunistic basis. (ah)
