STOCKHOLM, Sweden, April 22, 2002 (PRIMEZONE) -- Castellum:
-- Net income after tax for the period amounted to SEK 162 million
equivalent to earnings per share of SEK 3.95 - an increase by
27% compered with the first quarter previous year.
-- Income from property management improved 20 % to SEK 110
million equivalent to SEK 2.68 per share.
-- During the period, 15 properties were sold at a total of SEK
305 million with a capital gain of SEK 113 million.
The income from property management, i.e. the net income excluding capital gains from property sales and tax, amounted to SEK 110 million, equivalent to SEK 2.68 per share, which is an improvement of 20 % compared with the same period previous year. The improvement has been achieved mainly through increased rental levels and effects of realized investments.
During the period January-March 2002, properties were sold for a total of SEK 305 million, with a capital gain of SEK 113 million compared with SEK 83 million during the corresponding period previous year. The investments during the period amounted to SEK 182 million compared with SEK 444 million during January-March 2001.
The net income after tax for January-March 2002 amounts to SEK 162 million compared with SEK 128 million during the corresponding period previous year. Earnings per share were SEK 3.95. The cash flow from property management exclusive of capital gain from property sales was SEK 138 million equivalent to SEK 3.37 per share.
"The positive earnings trend in our current management goes on," commented Castellum's CEO, Lars-Erik Jansson. "Continuing good net leasing and good outcome on renegotiations carried out during the period shows a stabile and positive rental market on Castellum's market sections," added Lars-Erik Jansson.
Enclosed: Interim Report January-March 2002
Castellum, which is one of the major real estate companies in Sweden operating solely in the real estate sector, owns properties with a book value of about SEK 12 billion. The total lettable area, which comprises mainly commercial properties, amounts to 2.3 million square metres. The real estate portfolio, which is owned and managed by six local subsidiaries, is concentrated in Greater Gothenburg, the Oresund region, Greater Stockholm, western Smaland and Malardalen. The Castellum share is listed on the Stockholm Exchange O-list, Attract 40.
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