Novavest Real Estate: Profit decreases slightly
Novavest Real Estate generated a profit including revaluation gains of CHF 6.5 million in the first half of 2019 - compared with CHF 7.2 million in the previous year. EBIT remained stable at 9.6 million.
Profit including a revaluation gain of 2.6 million (previous year: 3.0 million) decreased from 7.2 to 6.5 million. Profit excluding revaluation gain was 4.4 million (previous year: 4.9 million). At 9.6 million, earnings before interest and taxes (EBIT) remained roughly at the level of the prior-year period, when it was 9.7 million.
Net rental income increased by 9% to 10.6 million in the reporting period (previous year: 9.7 million). The reason for the growth was the additional rental income of the Bern portfolio acquired in mid-December 2018 with nine propertiesNovavest Real Estate announces. The net return generated on investment properties in the first half of 2019 is estimated at 4.1% (previous year: 4.0%).
The value of the real estate portfolio increased by 2% from 498.8 to 506.7 million compared to the end of 2018 - due to investments (+5.3 million) and revaluation success (+2.6 million). The vacancy rate of the total portfolio excluding conversion projects decreased from 7.7% to 7.3% compared to the same period last year.
In order to finance further growth and secure ongoing projects, the Board of Directors is examining a capital increase towards the end of 2019 and, in connection with this, a possible change of listing from the BX Swiss to the SIX Swiss Exchange, Novavest Real Estate announces. As part of these plans, the management is also End of June 2019 with Michel Aebischer as new Chief Financial Officer (CFO) been expanded. (ah)
