Warteck Invest achieves record profit again
Warteck Invest generated a profit of CHF 18.7 million in the 2018 financial year, almost 14% more than in the previous year - and another record figure
According to Warteck Invest, the 2018 financial year was "once again one of the most successful in the company's history". Acquisitions and completed development projects had a positive impact on the development of earnings, so that a record result could once again be achieved.
The market value of the real estate portfolio increased from 717.7 to 782.7 million thanks to acquisitions and investments. The gross return on the properties was unchanged from the previous year atTP4.9%; the net return wasTP4.0% (previous yearTP4.2%).Warteck Invest acquired three properties for a total ofTP47.6 million in the year under review: Two residential properties in Islikon (TG) and Suhr (AG) as well as a mixed-use property in Binningen (BL). The company was also awarded a building lease at Dreispitz in Basel. A residential and commercial building with around 10,000 square meters of gross floor area is to be built here. Warteck Invest estimates the investment costs at around 44 million. The company expects new annual rental income after deduction of building lease interest of around 1.9 million.
Target rental income reportedly increased byTP7.8% to35.5 million in the reporting period (previous year33.0 million). The vacancy rate increased from 3.9% to 6.0%. According to Warteck Invest, two commercial properties accounted for 1.3 percentage points of this, while a further 2.6 percentage points were explained by the prolonged absorption of apartments in two new construction projects and one totally refurbished property. Rental income was 29.0 million, up 3.3% from 28.0 million a year earlier.
EBIT and earnings increase significantly
EBIT reportedly increased byTP2T 7.41 compared to 2017 toTP2T 29.7 million (27.6 million). After financial expenses and taxes, consolidated net profit increased byTP2T 13.61 year-on-year toTP2T 18.7 million (16.4 million).
Excluding revaluation result, profit increased by 8.9% from 13.6 to 14.8 million compared to the previous year. The net result corresponds to earnings per share of CHF 94.36 (previous year 83.03). Return on equity increased from 5.6% to 6.2%.
A distribution of CHF 70.00 per share is to be proposed to the Annual General Meeting on May 22, 2019. (ah)
