Swedish developer Fabege saw both rental income and profit from property management increase during the first three months of the year.
Swedish developer Fabege saw both rental income and profit from property management increase during the first three months of the year.
The company’s interim report for January to March 2013 shows that rental income increased on a year-by-year basis by SEK 60 mln (€7 mln) to reach SEK 513 mln (€59.8 mln).
Profit from property management increased by 8% during the same period to reach SEK 135 mln.
Profit after tax for the period amounted to SEK 516 mln, which marks a slight decrease on the SEK 561 mln recorded in the first quarter of 2012.
Fabege CEO Christian Hermelin believes the company can create continued growth in 2013. ‘The rental market was stable at the beginning of the year and demand for modern offices in good locations remains favourable. With several discussions and negotiations under way, I am hopeful about the future and I am convinced that we will be able to report strong net lettings in 2013 as well,’ he said.
