PSP Swiss Property posts profit decline due to devaluation
Published: Tuesday, Feb 27th 2024, 06:50
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The real estate group PSP Swiss Property generated significantly lower profits in the past financial year 2023. The main reason for this is a portfolio devaluation. PSP is positive about the future outlook and expects another good operating result in 2024.
In operational terms, however, things continued to go well for the second-largest listed real estate company. Real estate income rose by 5.0 percent to CHF 331.9 million, as the company announced on Tuesday.
The bottom line was a net profit including revaluations of CHF 207.6 million - down 37.1 percent on the previous year. PSP explains the decline primarily by a portfolio devaluation of CHF 161.3 million. The dividend is to be increased by 5 centimes to CHF 3.85 per share.
PSP exceeded analysts' expectations with the figures it presented. This was particularly the case for net profit.
PSP is positive about the further outlook. We expect property income to be higher in 2024 than in 2023 and EBITDA excluding gains/losses on real estate investments of CHF 295 million (2023: CHF 297.7 million). The vacancy rate should be less than 4 percent at the end of the year.
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