Jelmoli Group posted a record net profit of CHF 920.8 mln (EUR 581.75 mln) in 2007, up nearly 412% on the previous year, thanks to a one-off gain from the disposal of home furniture wholesaler Dipl. Ing. Fust and a strong operational performance. Operating profit for the year amounted to CHF 142.1 mln (EUR 89.8 mln), an 8.9% rise on 2006, the retailer said on Tuesday. Another important development was Jelmoli’s agreement to dispose of its Swiss property portfolio at the end of 2007. The subsequent breaking of this agreement by the Delek group has led to ongoing court proceedings.
Jelmoli Group posted a record net profit of CHF 920.8 mln (EUR 581.75 mln) in 2007, up nearly 412% on the previous year, thanks to a one-off gain from the disposal of home furniture wholesaler Dipl. Ing. Fust and a strong operational performance. Operating profit for the year amounted to CHF 142.1 mln (EUR 89.8 mln), an 8.9% rise on 2006, the retailer said on Tuesday. Another important development was Jelmoli’s agreement to dispose of its Swiss property portfolio at the end of 2007. The subsequent breaking of this agreement by the Delek group has led to ongoing court proceedings.
Jelmoli said income from real estate increased 2.9% in 2007, or 6.8% unadjusted, to CHF 154.6 mln (EUR 97.7 mln). Revaluation and development gains amounted to CHF 288.8 mln (EUR 182.45 mln). Projects successfully delivered over the last year include the Petit Cervin (previously known as Hotel Nicoletta), the renovation of the office building in St. Annagasse and the extension of Sihlstrasse 24. All the properties are fully let. Development sites in Thonex and St Gall are on schedule in terms of costs and potential lettings. The shopping centre at La Praille continues to be a success, with a 10.3% increase in turnover and over 3.8 million shoppers having visited in 2007.
