Swiss Estates significantly increases half-year profit
The company reported a more than one-third increase in net property income and a doubling of the ordinary result to CHF 1.5 million for the first half of the year.
Swiss Estates AG, which is listed in Zurich and Düsseldorf, increased its net property income from CHF 3.1 million to CHF 4.3 million in the first half of the year. According to the unaudited half-year report, the operating result (EBITD) rose from CHF 1.8 million to around CHF 3 million and the ordinary result before taxes doubled from CHF 0.7 million to CHF 1.5 million. Swiss Estates does not carry out a portfolio valuation at the half-year stage, meaning that the half-year profit increased from CHF 0.7 million to CHF 1.5 million, similar to the pre-tax result.
The company attributes the growth in net property income to a higher occupancy rate and the reduction of vacancies, - "but also to accounting modifications and additional income due to completed acquisitions". The last reference relates to the purchase of the Büchelstrasse 8, 8a and 8b apartment buildings in Rüthi (SG), which was already completed at the end of 2022. According to the company, it is currently negotiating the purchase of residential properties in eastern Switzerland with a market value of just under CHF 12.0 million, which is expected to be completed in the fourth quarter. (aw)
