Zurich-based property firm Allreal said its first-half net profit came in at CHF 56.3 mln (EUR 34.3 mln), up 29.7% on the same period last year. Exluding a revaluation gain, operating profit for the period rose to CHF 40.6 mln from CHF 35.2 mln in the year-earlier period. Allreal said it expects to book full-year net profit matching at least last year’s full-year figure.
Zurich-based property firm Allreal said its first-half net profit came in at CHF 56.3 mln (EUR 34.3 mln), up 29.7% on the same period last year. Exluding a revaluation gain, operating profit for the period rose to CHF 40.6 mln from CHF 35.2 mln in the year-earlier period. Allreal said it expects to book full-year net profit matching at least last year’s full-year figure.
Allreal said it plans to raise an additional CHF 200 mln through a share issue in the second half of 2007 to finance the expansion of its real estate portfolio.
The company said annualised return on equity came in at 10.8%, up from 8.9% in 2006. The higher result was due largely to higher rental income, lower real estate exopenses, the completion of several projects and the sale of an investment property, Allreal said.
The firm’s project volume fell by 15.2% to CHF 229.9 mln, due to the limited number of projects with solid profit potential, it said.
