During the first six months of the business year 2002/2003, the Züblin Immobilien Group increased its consolidated net income by 10 percent to CHF 13.6 million (previous year period: CHF 12.3 million). The real estate portfolio was expanded to CHF 1.3 billion through the acquisition of three commercial properties in Paris, worth CHF 168 million.
For the entire business year, Züblin expects a result which lies well within the limits of its average target over several years. With the launching of a convertible bond issue of at least CHF 100 million, Züblin creates the financial preconditions for taking advantage of attractive offers in the real estate market.
Increase of net income from rental activities
In the first half-year of the business year 2002/2003, the income from rental activities increased by 13 percent to CHF 42.9 million compared with the previous year´s period (CHF 38.0 million) which resulted in a 10-percent increase of the consolidated net income. During the reporting period, no real estate sales were realised and, according to the valuÂations of Jones Lang LaSalle and CB Richard Ellis, the market value of the portfolio deterÂmined as of 31 March 2002 remained unchanged as of 30 September 2002. The net income per share increased from CHF 0.44 to CHF 0.47.
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(source: Zueblin)
