STOCKHOLM, Sweden, Aug. 14, 2002 (PRIMEZONE) -- Castellum:
-- Net income after tax for the period amounted to SEK 276 million,
equivalent to earnings per share of SEK 6.73 - an increase by
17 % compered with the same period previous year.
-- Income from property management improved 18 % to SEK 242 million,
equivalent to SEK 5.90 per share.
-- During the period, 24 properties were sold for a total of SEK 383
million with a capital gain of SEK 142 million.
Income from property management, i.e. net income excluding capital gains from property sales and tax amounted to SEK 242 million, equivalent to SEK 5.90 per share, which is an improvement of 18 % compared with the same period previous year. This improvement has mainly been achieved through management improvements, such as increased rental levels and effects from realized investments.
During the period January-June 2002, properties were sold for a total of SEK 383 million with a capital gain of SEK 142 million, compared with SEK 118 million during the corresponding period previous year. Acquisitions and investments in existing properties during the period amounted to SEK 616 million, compared with SEK 898 million during January-June 2001.
Net income after tax for January-June 2002 amounts to SEK 276 million compared with SEK 235 million, during the same period previous year. Earnings per share were SEK 6.73 compared with SEK 5.73 previous year. Cash flow from property management was SEK 299 million, equivalent to SEK 7.29 per share, compared with SEK 6.34 during the same period previous year.
"The demand is still stable on Castellum's local markets and we have maintained the positive earnings trend in our current management," commented Castellum's CEO, Lars-Erik Jansson. "The market situation in Castellum's local markets however shows a larger dissimilarity than before, in both supply and demand as well as competition. Principally there is a continuing positive development in the number of inquiries," added Lars-Erik Jansson.
Enclosed: Half-year Report January-June 2002
Castellum, which is one of the major real estate companies in Swedenoperating solely in the real estate sector, owns properties with a bookvalue of about SEK 12 billion. The total lettable area, which comprisesmainly commercial properties, amounts to 2.4 million square metres. Thereal estate portfolio, which is owned and managed by six localsubsidiaries, is concentrated in Greater Gothenburg, the Oresund region,Greater Stockholm, western Smaland and Malardalen. The Castellum shareis listed on the Stockholmsborsens O-list, Attract 40.
For further information, please contact: Lars-Erik Jansson, CEO phone +46 31 60 74 00/mobile +46 705-92 06 70 Hakan Hellstrom, CFO/deputy CEO phone +46 31 60 74 00/mobile +46 705- 60 74 56
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http://www.waymaker.net/bitonline/2002/08/14/20020814BIT00360/wkr0001.doc http://www.waymaker.net/bitonline/2002/08/14/20020814BIT00360/wkr0002.pdf The full report http://www.waymaker.net/bitonline/2002/08/14/20020814BIT00360/wkr0003.pdf