Swiss Prime Site can look back on a successful half-year
Swiss Prime Site was able to significantly increase its operating result in the first half of 2021 year-on-year. The value of the company's real estate portfolio also increased further in the reporting semester. For the year as a whole, Swiss Prime Site is anticipating growth in earnings.
According to a message from Swiss Prime Site , the Olten real estate company generated income totaling 362.8 million francs in the first half of 2021. Adjusted for the sale of the subsidiary Tertianum, which was completed in February of last year, this corresponds to growth of 6.3 percent, explains Swiss Prime Site. All of the real estate company’s divisions contributed to the “pleasing growth”.
In the core real estate segment, the pandemic led to a drop in income of 5.5 million francs, the announcement further explains. In contrast, rental income adjusted for Tertianum effects increased by 2.2 percent to CHF 213.4 million. The income from investment management for third parties increased by 56 percent to CHF 7.5 million.
In the half-year under review, Swiss Prime Site reported operating profit before interest and taxes to be CHF 355.6 million. Excluding revaluations and the Tertianum effects, the result rose by 36.6 percent to CHF 211.0 million, the company writes. The EBIT margin increased year-on-year from 45.3 percent to 58.2 percent. The net profit was 257.1 million francs, compared to 269.7 million francs in the first half of 2020. Without the sales proceeds for Tertianum, however, the profit in the previous semester would have been only 64.4 million francs.
For the entire current year, Swiss Prime Site expects an increase in rental income and income in the area of services. In terms of services, the company is also striving to improve margins.