Novavest Real Estate AG: Respectable half-year result

According to the management of Novavest Real Estate AG, the value of the real estate portfolio increased by around 3 percent to CHF 664.3 million in the reporting period (31.12.20: CHF 645.4 million). The company attributes the increase mainly to investments in investment properties and projects, in particular the "Centre Loewenberg" investment property in Murten and the conversion project at Badenerstrasse 701 in Zurich, and also to positive revaluation effects.

According to the company, rental income increased to CHF 12.6 million (+8%) in the first half of 2021; income from revaluation amounted to CHF 6.3 million (H1 20 4.0 million). Operating profit before interest and taxes (EBIT) rose to CHF 14.5 million (+29%) according to preliminary results. Profit including revaluation gains is around CHF 10.6 million (H1 2020: 8.2 million), profit excluding revaluation gains is around CHF 5.5 million (H1 2020: 5.0 million). Based on earnings per share, the company expects earnings per share including revaluation gains of CHF 1.50 and excluding revaluation gains of CHF 0.77. The company will publish the 2021 half-year report and further details on the 2021 half-year results on 12 August 2021. (bw)