Swedish property developer Castellum has announced that income from property management increased by 5% in 2007. The results published on Wednesday showed that net income excluding changes in value and tax, amounted to EUR 883 mln (SEK 924 mln), equivalent to EUR 5.38 (SEK 5.63) per share. The company said the improvement was an effect of improved net operating income in the property management and investments made, and that it was limited by higher interest costs. The Board also proposed a dividend of SEK 3.00 per share amounting to a 5% increase, to be paid on Tuesday, 1 April, 2008.
Swedish property developer Castellum has announced that income from property management increased by 5% in 2007. The results published on Wednesday showed that net income excluding changes in value and tax, amounted to EUR 883 mln (SEK 924 mln), equivalent to EUR 5.38 (SEK 5.63) per share. The company said the improvement was an effect of improved net operating income in the property management and investments made, and that it was limited by higher interest costs. The Board also proposed a dividend of SEK 3.00 per share amounting to a 5% increase, to be paid on Tuesday, 1 April, 2008.
The company also said changes in value on properties and derivatives amounted to, EUR 1,145 mln (SEKm 920) and EUR 178 mln (SEK 99 mln) respectively. The company made investments totalling EUR 2,283mln (SEK 2,598 mln), of which EUR 1,292 mln (SEK 1,514 mln) were acquisitions and EUR 991 mln (SEK 1,084 mln) new construction, extensions and refurbishment.
Castellum's CEO, Håkan Hellström, commented: 'Despite high demands placed on yield Castellum has been able to make investments of SEK 2.6 bn during 2007 and has almost SEK 1 bn in ongoing new construction, extensions and refurbishment projects.'
