Novavest Real Estate increases profit by 11%
According to preliminary results, Novavest Real Estate AG expanded its property portfolio by 16% to CHF 645 million in fiscal 2020 and increased profits.
Novavest Real Estate AG increased its property portfolio by approximately 16% to CHF 645.4 million in the 2020 financial year due to various real estate acquisitions, investment activities in new construction projects and positive revaluation effects. (31.12.19: 554.0 million).
According to the company, rental income increased by around 13% to 24.3 million (previous year: 21.5 million) in the 2020 reporting year. The market valuation of the property portfolio resulted in income from revaluation of 8.3 million (previous year: 6.6 million).
According to the preliminary results, earnings before interest and taxes (EBIT) increased by around 11% to 22.9 million (previous year: 20.5 million). Profit including revaluation gains is around 17.8 million (previous year: 14.3 million) and profit excluding revaluation gains is 11.1 million (previous year: 9.0 million). (bw)
