PIE Events
- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
Upcoming Events
- Property Debt Breakfast
20 June 2012
London
PSP Swiss Property posts 3% rise in 2008 net earnings, positive about future
The Zurich-based listed PSP Swiss Property reported a 3.3% rise in net earnings for 2008, excluding revaluation gains, to CHF124.5m corresponding to an improvement of earnings per share by 5.8% to CHF2.94. Because of much lower revaluations last year than in 2007 however, EPS was down 21% at CHF5.29 against CHF6.71 for 2007. Despite the difficult economic environment, PSP said it is rather positive about the medium- and long-term future. The board is to propose a cash distribution of CHF2.50 per share, 10 cents or 4.2% more than for 2007. EBITDA, excluding revaluations, rose 7.5% over the year, though return on equity fell to 8-7% from 11.5% in 2007.)