PSP Swiss Property with profit decline due to devaluation
Published: Tuesday, Nov 7th 2023, 07:01
Updated At: Wednesday, Nov 8th 2023, 00:53
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The real estate group PSP Swiss Property made less profit in the first nine months of the current 2023 financial year. This is mainly due to a portfolio devaluation. PSP is positive about the future outlook and expects another good operating result for 2023.
In operational terms, however, things continued to go well for the second-largest listed real estate company. Real estate income rose by 4.5 percent to CHF 247.6 million, as the company announced on Tuesday. Operating profit (EBITDA excluding gains/losses on real estate investments) amounted to CHF 226.9 million - an increase of 0.1 percent.
The bottom line was a net profit including revaluations of CHF 155.3 million - a drop of 45.3 percent compared to the previous year. PSP explains the decline primarily by a portfolio devaluation of CHF 62.7 million.
PSP exceeded analysts' expectations with the figures it presented.
Confirmed forecasts
PSP is confident about the 2023 financial year. A good operating result is once again expected, the press release continues. Overall, EBITDA excluding gains/losses on real estate investments is expected to remain at CHF 295 million (2022: CHF 293.8 million). The vacancy rate should be less than 4 percent at the end of the year. PSP will be able to continue its shareholder-friendly dividend policy.
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