STOCKHOLM, Sweden, April 23, 2002 (PRIMEZONE) -- Kungsleden:
-- Pretax profit increased by 74 per cent till SEK 129 M (74),
corresponding to pretax profit per share of SEK 6.80 (3.90).
-- Operating surplus increased by 31 per cent to SEK 190 M (144).
-- During the period, 15 properties were divested for a total of
SEK 240 M, generating a gain of SEK 36 M (2).
-- Forecast of pretax profit of SEK 450 M for the fiscal year 2002
remains unchanged.
"Profits for the first quarter matched our expectations. The preceding year's acquisitions and divestments, as well as excellent management efforts, are the primary reasons for the earnings figures. We continue to take a positive view of the market trend, in which the major interest shown by foreign investors is a very exciting feature," commented Jens Engwall, Chief Executive Officer of Kungsleden.
Kungsleden's business concept is to own and manage properties with a high and stable long-term property yield. Kungsleden is an active participant in the change processes on the Swedish property market, by utilizing and enhancing its competencies in structuring heterogeneous property holdings. This implies Kungsleden's property holding frequently changing through acquisitions and disposals. Kungsleden's property portfolio comprises 441 properties with a book value of nearly SEK 9,3 bn. The holding is located in a total of 126 municipalities, and is concentrated on the Swedish provinces of Gotaland and Svealand. Kungsleden has been quoted on the Stockholm Stock Exchange O-list since April 14, 1999.
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