Investis: Plus in sales and profit
Investis increased sales by five percent to CHF 98 million in the first half of the year. Net profit excluding valuation effects increased to 19.7 million.
Both segments - Properties and Real Estate Services - contributed to the sales growth, Investis reports. Thanks to like-for-like rent increases of 1.0 percent, there were valuation gains on the portfolio of 2.7 million (previous year: 17.2 million). Gains on disposal of 7.9 million were achieved from the sale of individual properties.
However, operating profit (Ebit) of 29.2 million was below the previous year's figure of 34.3 million. Net profit was 21.7 million, compared with 27.7 million in the previous year. However, net profit excluding valuation effects climbed from 13.2 to 19.7 million - an increase of 49 percent.
In the first half of the year, Investis acquired two Geneva real estate portfolios with a total of 16 properties for 160 million. As of June 30, the portfolio comprised 159 properties and 2,911 residential units with a value of 1.29 billion. At the end of 2017, the figure was 1.12 billion.
Rental income increases
Rental income increased by 16 percent to 27.0 million (previous year: 23.3 million). The gross margin was 71.1 percent, compared with 69.7 percent in the previous year. Operating profit excluding revaluations and gains on disposals in the Properties division rose from 15.3 million to 17.5 million. Vacancy was 2.5 percent as of June 30, 2018, down from 3.5 percent at year-end 2017. Annualized target rental income was 57.2 million.
In the first half of the year, sales in the Real Estate Services division rose from 72.6 to 73.2 million. Operating profit (Ebit) amounted to 3.7 million, and the Ebit margin was on a par with the previous year at five percent, Investis reports.
For the second half of the year, Investis expects a further increase in sales and net profit excluding valuation effect, with slightly lower growth rates compared to the first six months, the company said. The set target in the Properties segment of realizing annualized rental income of over 50 million will already be achieved by the end of the 2018 financial year - and thus one year earlier than planned. (ah)
