Fastighets AB Tornet has presented its first nine months results of 2004. The highligts are: rental income decreased to SEK m 1709 (2003 III: SEK m 1797); profit after tax decreased to SEK m 331 (2003 III: SEK m 942); earnings per share decreased to SEK 12.80 (2003 III: SEK 35.85) and the operating profit decreased to SEK m 1008 (2003 III: SEK m 1076).
Sales and acquisitions
Nineteen properties (62) have been sold for SEK 705 million (1759) during the period with a capital gain of SEK 236 million (343). Three properties (3) have been acquired for SEK 155 million (1004).
On 17 September, Fastighets AB Tornet signed agreements for the sale of all properties in the subsidiary Malmstaden. These transactions include 128 properties with a total lettable are of 580 400 sq.m. The price is 9 per cent over the valuations made by Tornet at the turn of year 2003/2004 and the net profit, which will be reported in the fourth quarter results, is estimated to exceed SEK 600 million.
Events after the end of the period
After the end of the period, besides sale of Malmstaden’s properties, four properties have been sold for SEK 39 million with a capital gain of SEK 6 million.
After the end of the period, Fastighets AB Tornet has applied for and been approved for