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31 May 2012
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20 June 2012
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Swiss Allreal posts 11% rise in operating result, lower valuations cut EPS
The Zurich listed real estate group Allreal reported an 11.5% rise in 2008 operating profit excluding valuation gains of CHF78.4m. Due to a higher portfolio valuation of CHF17.2m, net profit rose 3.1% to CHF90.7m. However earnings per share fell 9% over the year to CHF7.99, reflecting lower revaluations taken into earnings. The market value of the portfolio, comprising 73 properties, totalled CHF2.16bn, up 6.4%, while rental income grew 9.3% to CHF123.4m. The cumulative vacancy rate for 2008 was virtually unchanged at 5.5%. With earnings on business operations of CHF81.8m, the development division delivered high productivity so that the operating result reached CHF34.5m, 0.8% above 2007's record.