Mobimo Holding: Profit increased
Mobimo Holding AG recorded higher rental income in the first half of 2021; income from the development and promotion business was also significantly higher than in the previous year.
Vacancy rate reduced
Thanks in particular to a substantial contribution to earnings from the naturally volatile development business for third parties, the operating result (EBIT) increased to 115.4 million (65.8 million) and to 95.5 million (40.8 million) excluding revaluation. At 54.4 million, income from development and promotion business was significantly higher than the previous year's level (2.7 million). 83.7 million (41.7 million) including revaluation and 67.3 million (21.5 million) excluding revaluation. The profit from revaluation amounts to 19.9 million (previous year 25.1 million).
According to the information provided, the commercial properties recorded a largely stable valuation, while the lower discount rates for the residential properties led to market-driven higher valuations. The vacancy rate of the investment portfolio decreased from 5.5% at the end of 2020 to 5.0%. Although the leasing of commercial space is rather challenging, the marketing team has concluded some weighty contracts, particularly in Mattenhof in Kriens, according to Mobimo management.
The value of Mobimo's total portfolio as at 30 June 2021 remains unchanged at around 3.4 billion. Mobimo continues to report an average gross return of 4.5% on its investment portfolio.
New force on the Board of Directors
At the Annual General Meeting on 30 March 2021, Mobimo shareholders elected Sabrina Contratto, an expert in architecture, urban development and spatial planning, as a new member of the Board of Directors. Contratto will form the company's Real Estate Committee together with Brian Fischer and Peter Schaub.
As announced, Bernard Guillelmon, a long-serving member of the Board of Directors, did not stand for re-election at the Annual General Meeting. (bw)
