The publication of Castellum’s half-year report January-June 2004 revealed that the income from property management of the Swedish development corporation has improved by 11%. In the same period the rental income of Castellum amounted to SEKm 915 (€ 103m) (SEKm 872 / € 98.5m in January-June 2003), the net income after tax amounted to SEKm 341 (€ 38.5m) and its earnings per share amounted to SEK 8.32 (€ 0.94). During the period 21 properties were sold for a total of SEKm 417 (€ 47m) with a capital gain of SEKm 169 (€ 19m).
Income from property management during the period, i.e. net income excluding capital gains from property sales, items affecting comparability and tax, amounted to SEKm 289 / € 32.6m (previous: SEKm 261 / € 29.5m), equivalent to SEK 7.05 / € 0.8 (previous: SEK 6.37 / € 0.72) per share, which is an improvement of 11 % compared with the same period 2003. The improvement has been achieved, mainly through lower interest rate levels.
During the period 21 properties for a total of SEKm 417 / € 47m (previous: SEKm 380 / € 43m) were sold with a capital gain of SEKm 169 / € 19m (previous: SEKm 178 / € 20.1m). Net income after tax for the period January-June amounted to SEKm 341 / € 38.5m (previous: SEKm 319 / € 36m), equivalent to SEK 8.32 / € 0.94 per share (previous: SEK 7.78 / € 0.88). Investments during the period amounted to SEKm 869 / € 98.2m (previous: SEKm 598 / € 67.6m).
'Earnings trend in Castellum continues positive', comments CEO, Lars-Erik Jansson. 'Although the outlook for Swedish economy has improved it has not yet been reflected in Castellum’s rental income and net leasing. However, this is compensated by the low interest rate level that characterizes the expectant business trend' adds Lars-Erik Jansson.
Source: Castellum
