Andermatt Swiss Alps real estate turnover increases
The average selling prices of apartments in Andermatt-Reuss have increased significantly, according to Orascom Development.
Interest in Andermatt remains strong, reports Orascom Development Holding (ODH) in announcing its nine-month figures. Andermatt Swiss Alps AG's net real estate revenue reportedly increased by 5.6% to CHF117.6 million (9M 2021: 111.4 million).
The average selling prices of residential units have increased significantly: The price per square meter is CHF 17,280, which is 17.4% more than in the same period last year. Real estate income doubled to CHF 80.8 million (9M 2021: 40.4 million).
High occupancy at The Chedi Hotel
Hotel occupancy in Andermatt was 57% (9M 2021: 54%), with 70% occupancy at The Chedi and 52% occupancy at Radisson Blu Hotel Reussen. At CHF 42.3 million, hotel revenues were slightly below the prior-year figure (9M 2021: 43.5 million).
Total revenues of Andermatt Swiss Alps increased by 23.0% to CHF 123.1 million (9M 2021: 100.1 million).
The parent company ODH reported total sales of CHF 459.4 million (+23.6%) and gross profit of CHF 142.1 million (+27.7%, prev. yr.: 111.3 million) for the first nine months. Net profit reached CHF 33.6 million (PY: 9.0 million). Due to the improved performance at Andermatt Swiss Alps - the company achieved a profit of CHF 7.1 million in the first nine months of 2022 after a loss of CHF 12.3 million in the previous year - the performance of the associated companies was also positive overall at CHF 11.0 million. In the previous year, a loss of almost the same amount (10.2 million) had been incurred. (ah)
