TK Development has said it is maintaining its profit guidance of about DKK 200 mln (EUR 26.8 mln) after tax for the book year 2008-9. The Copenhagen-listed developer had originally forecast an after-tax profit of SEK 300 mln, but in its interim report published last September the company blamed the market deterioration for the need to reduce the expected profit by a third.
TK Development has said it is maintaining its profit guidance of about DKK 200 mln (EUR 26.8 mln) after tax for the book year 2008-9. The Copenhagen-listed developer had originally forecast an after-tax profit of SEK 300 mln, but in its interim report published last September the company blamed the market deterioration for the need to reduce the expected profit by a third.
The latest prognosis is 20% down on the result for the previous year. The developer recorded a profit of DKK 249.5 mln for the 2007-8 year, compared to a estimate of DKK 240-250 mln.
TK Development said this week that the takeover of the development of a retail park in Uppsala, Sweden and the subsequent sale of the scheme to German investor IVG for EUR 17 mln will not affect results in the current financial year. The deal, the company said, underpins TK Development's future earnings performance.
Headquartered in the Danish city of Aalborg, the TK Development Group develops and operates real shopping centres, superstores and corporate headquarters in Denmark and in other parts of Europe. The group has offices in Copenhagen, Berlin, Warsaw, Prague, Stockholm, Helsinki, Vilnius, Riga and Sofia.
TK Development is listed on OMX, The Nordic Exchange Copenhagen.
