Wihlborgs Interim report quarter 3 2009
- Rental income increased by 7 per cent to SEK 928 million (869)
- Net operating income increased by 8 per cent to SEK 673 million (623)
- Earnings from property management ncreased by 18 per cent to SEK 404 million (342)
- The profit of the period increased by 17 per cent to SEK 360 million (307), and earnings per share SEK 9,94 (8,21)
- The pre-tax profit from property management for the whole of 2009 is expected to exceed SEK 535 million.
― Wihlborgs continues to perform, says Anders Jarl CEO of Wihlborgs Fastigheter AB. We are experiencing continued positive net letting. During the first nine months we have signed new lease agreements on a full-year basis amounting to SEK 95 million and our net letting is SEK 20 million, continues Anders Jarl.
The valuation of our property portfolio shows an unchanged value compared to the first six months of 2009. The current yield of investment properties, excluding property administration, amounts to 7.0 per cent for offices and 8.9 per cent for warehouses. Surplus ratio, i.e. net operating income in relation to rental income amounts to 73 per cent, compared with 72 per cent last year.
― Our business concept and our position in sub-markets has given a good growth in our net operating income. If we add this to the historically low interest rates, we will have an increased property management result in comparison to earlier, concludes Anders Jarl.
Wihlborgs Fastigheter AB (publ)
Presentation of the report
CEO Anders Jarl will present the quarterly report in Swedish today at 09.30 and in English at 10.30. The presentation can be followed via a webcast, or phone +44 (0)20-7162 0125. More information can be accessed by going to www.wihlborgs.se or www.financialhearings.com