Steiner reports sales and profit growth

Steiner Group increased sales by 4.6% from CHF 793.7 million to CHF 830.4 million in the period from April 1, 2018 to March 31, 2019. At the same time, new orders with a volume of 830.7 million have been acquired. According to the project developer and total and general contractor, the order backlog is higher than the previous year's figure at 1.38 billion.

As Steiner further discloses, the operating profit resulting from the business activities doubled at EBIT (earnings before interest and taxes) level. The company did not disclose exact figures.

Ajay Sirohi, Steiner's Chief Financial Officer, attributes the growth to a combination of factors. For example, investments in the company's own real estate projects have paid off: In the 2018/2019 financial year, several projects entered the commercialization phase. Efficiency enhancement measures also led to a reduction in operating expenses. In addition, business in the total/general contractor segment stabilized and numerous new orders were won.

Steiner currently puts the portfolio of development projects at around 2.7 billion. Construction will begin in the coming months on various major urban developments such as the Glasi quarter in Bülach and the Sihlterrassen in Zurich, the company said. This will continue to have a positive impact on sales in the total/general contractors business. (ah)