Steen & Strøm achieved a pre-tax profit of NOK 189.7 million (approx. 25m) in the 2nd quarter of 2005. Corrected for value adjustments and one-time effects, the result is NOK 37.7 million (approx. 5m) higher than in the same period last year.
No acquisitions or sales of shopping centers or any other special transactions were made during the 2nd quarter, and therefore the accounts only reflect the result of ordinary, day-to-day operations of the group's shopping centers.
In July, Steen & Strøm formed an agreement with NCC Property Development AB to purchase Sollentuna Centrum, located in North Stockholm. The acquisition represents a total investment of some SEK 1.0 billion over a period of about three years. The date of taking possession is 30 December 2005.
- Retail turnover in shopping centres owned and managed by Steen & Strøm increased by 9.2% during the 2nd quarter 2005, compared to the same period last year. Comparable shopping centres increased their turnover by 3.8%.
- Rental revenues from self-owned centres increased by 27.7% during the 2nd quarter 2005, compared with the same period last year. Rental revenues from comparable floor space increased by 2.5%.
- Operating profit was NOK 251.7 million, an increase of NOK 102.2 million on the previous year.
Accounts for the 2nd quarter 2005 have been prepared according to IFRS.
Source: Steen & Strøm