PSP Swiss Property increases net profit and confirms forecast
Published: Tuesday, Aug 20th 2024, 07:10
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The real estate group PSP Swiss Property increased its earnings in the first half of 2024 and also generated a significantly higher net profit. One of the reasons for this is portfolio revaluations. The Group confirms the EBITDA forecast made in spring for the year as a whole.
PSP's real estate income rose by 7.9 percent to CHF 176.2 million in the first half of the year, as the real estate company announced on Tuesday. Operating profit (EBITDA excluding gains/losses on real estate investments) amounted to CHF 152.3 million - an increase of 1.2 percent compared to the same period last year.
Net profit excluding gains/losses on real estate investments amounted to CHF 113.6 million, down 24.5% on the previous year. The previous year's result was affected by the reversal of deferred taxes. At the bottom line, net profit climbed by 103.2 percent from CHF 44.7 million to CHF 156.3 million, thanks in part to portfolio revaluations.
The second-largest listed Swiss real estate group thus exceeded analysts' expectations in terms of net profit.
Annual forecast confirmed
PSP confirms its previous forecast for the further course of business. Accordingly, EBITDA excluding gains/losses on real estate investments is expected to reach CHF 300 million. As announced in February, PSP continues to expect a vacancy rate of less than 4 percent.
At the end of June, PSP's average vacancy rate was 4.0%, up from 3.6% at the end of 2023.
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