Fundamenta grows operationally in the first half of 2023
However, devaluations depressed the result, so that net profit including revaluation was only half as high as in the previous year.
Fundamenta Real Estate AG increased net rental income by CHF 2.1% to CHF 20.6 million in the first half of 2023. The vacancy rate was reduced from 1.6% to 1.3%.
Net operating profit rose by 12.9% to CHF 10.6 million (previous year: CHF 9.4 million). Fundamenta attributes this to higher rental income, lower income taxes and the long-term financing policy.
This year, the entire real estate portfolio was already valued in the middle of the year. Fundamenta explains that this is to ensure that any market changes in the portfolio are adequately taken into account as at the reporting date. Income from revaluation (before deferred taxes) amounted to CHF -3.8 million as at June 30, 2023, compared to a plus of CHF 2.1 million in the previous year. The real estate portfolio, which consists of 74 existing properties and two development projects, reached a balance sheet value of CHF 1.2 billion.
Net profit (including revaluation) amounted to CHF 5.0 million - in the previous year, Fundamenta reported a profit of CHF 10.9 million, more than twice as high.
The company plans to increase rental income in the second half of the year and further optimize costs. Planned developments in both existing and new buildings are to be implemented as planned. Fundamenta is also examining various options with regard to its capital base. (ah)
