STOCKHOLM, Sweden, Oct. 21, 2002 (PRIMEZONE) -- Castellum:
- Net income after tax for the period amounted to SEK 393 million, equivalent to earnings per share of SEK 9.59 - an increase by 20 % compared with the same period previous year.
- Income from property management improved 15 % to SEK 386 million, equivalent to SEK 9.41 per share.
- During the period, 27 properties were sold for a total of SEK 430 million with a capital gain of SEK 159 million.
Income from property management during the first three quarters, i.e. net income excluding capital gains from property sales and tax, amounted to SEK 386 million, equivalent to SEK 9.41 per share, which is an improvement of 15 % compared with the same period previous year. The improvement has mainly been achieved through management improvements, such as increased rental levels and effects from realized investments.
During the period January-September 2002, properties were sold for a total of SEK 430 million with a capital gain of SEK 159 million, compared with SEK 118 million during the corresponding period previous year. After the end of the period one property has been sold at a total of SEK 38 million with a capital gain of SEK 18 million. Acquisitions and investments in existing properties during the period amounted to SEK 756 million, compared with SEK 1,190 million during January-September 2001.
Net income after tax for January-September 2002 amounts to SEK 393 million compared with SEK 329 million, during the same period previous year. Earnings per share were SEK 9.59 compared with SEK 8.02 previous year. Cash flow from property management was SEK 472 million, equivalent to SEK 11.51 per share, compared with SEK 10.17 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 earlier apprehension of in principally stable rental levels and a large number of inquiries still remain. Greater Stockholm still appears to be the local market with highest instability whilst the other local markets can be characterized as stable," added Jansson.
For further information, please contact Lars-Erik Jansson, CEO telephone: +46 31-60 74 00 mobile: +46 705-92 06 70 Hakan Hellstrom, CFO/deputy CEO telephone: +46 31-60 74 00 mobile: +46 705-60 74 56
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Enclosed: Interim Report January-September 2002
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