Novavest increases profit

According to preliminary figures, Novavest Real Estate AG has significantly increased its half-year result. Profit excluding revaluation increased from CHF 8.4 million to CHF 12.7 million. This was due to an 1% increase in rental income to CHF 21.2 million and the profit on the sale of five smaller properties as part of a portfolio optimization. Including revaluation, profit rose even more significantly, from CHF 6.4 million to CHF 16.0 million. This reflects the market valuation of the property portfolio, the result of which improved from CHF -2.4 million in the prior-year period to CHF +4.1 million. Earnings before interest and taxes (EBIT) amounted to CHF 21.5 million in the first half of the year (after CHF 11.7 million).

The value of the real estate portfolio declined only minimally as at June 30 and amounted to around CHF 1 billion. The residential portion increased slightly from 59 to 60%. The comparative figures for the previous year are calculated pro forma taking into account the merger with Senioresidenz. (aw)