Novavest increases revenue and profit
Novavest Real Estate increased rental income by 10% in the first half of 2020, according to preliminary results. Profit including revaluation gains increased from 6.5 to 8.2 million.
In the reporting period, the real estate portfolio grew by about 14% to 630.0 million (Dec. 31, 2019: 554.0 million), mainly due to acquisitions, Novavest Real Estate AG reports. In the first half of the year, the real estate ag Portfolio with four residential properties and two residential and commercial properties in Basel and two residential properties in St. Gallen and Obernau.
Rental income reportedly rose from 10.6 to 11.6 million in the first half of the year. From revaluation, Novavest posted income of 4.0 million (previous year: 2.6 million).
According to preliminary results, operating earnings before interest and taxes (Ebit) increased by 17% from 9.6 to 11.2 million. The company puts profit including revaluation gains at around 8.2 million (previous year: 6.5 million), while profit excluding revaluation gains reached 5.0 million (previous year: 4.4 million).
Earnings per share including revaluation gains are expected to be CHF 1.27, excluding revaluation gains CHF 0.78 (previous year: CHF 1.26 and CHF 0.86, respectively). In the first half of 2020, due to the capital increase, conducted by Novavest at the end of 2019, around 6.44 million registered shares were outstanding, compared with around 5.15 million in the same period of the previous year.
Novavest Real Estate plans to publish its half-year report on August 13, 2020. (ah)
