JK Wohnbau AG / Key word(s): Change in Forecast
20.12.2010 20:04
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JK Wohnbau AG: Guidance for 2011 increased - significantly more profit
expected
Following an earlier than expected completion of a major project, JK
Wohnbau AG, which has raised 80 million Euro through their IPO, is
expecting earnings before tax of at least 7.5 million Euro for the year
2011. JK Wohnbau had originally only anticipated 4.6 million Euro EBT.
Major shareholder and CEO Dr. Josef L. Kastenberger explained the increase
in profit as follows: 'Before the IPO we were extremely cautious with our
forecasts. Now that both clients and sub-contractors have registered the
much improved financial position of JK Wohnbau with a strong balance sheet
and cash balance post the successful IPO, we are now able to execute our
existing projects more swiftly and smoothly and in addition are in a very
strong competitive position to acquire attractive new projects at favorable
terms. In all my presentations I have repeatedly highlighted that we still
have a series of positive developments due to be announced, and I am
delighted that the increase of our 2011 profit guidance is the first step
in this direction.'
Dr. Kastenberger added: 'Due to the positive market and price development
of the residential property market in Munich, further sales and profit
increases can be expected in the medium term, as well.'
Disclaimer
This press release as well as the information contained herein, may not be
taken into or forwarded to the United States of America (USA) or
distributed or forwarded to US persons (as such term is defined in
regulation S under the Securities Act of 1933, consequently including
judicial persons) or to publications with a general distribution in the
USA. Any breach of this restriction can constitute an offense against US
securities regulations. JK Wohnbau AG securities are not and will not be
registered according to US securities regulations and may not be offered
for sale or sold for the benefit of US persons without such a registration
or an exemption from registration obligations. This press release does not
constitute an offer to sell or a solicitation of an offer to buy or
subscribe for any securities.
Company profile
The JK company group founded in 1995 has developed into one of the leading
residential property developers in Munich. With its notarized sales
performance of around 125 million Euro in 2009, the company is one of the
top 3 project developers of residential property in Munich. Through its
clear focus on high quality property in good locations with concepts for
up-market target group requirements, it was able to position itself on the
Munich residential property market. JK Wohnbau AG focuses on the area of
new residential developments as well as the privatization of properties,
in the course of which existing properties are bought, modernized and sold
in individual residential units..
Company contact
JK Wohnbau AG | Eva Romstätter
LeopoldstraÃe 8 | 80802 München |
Tel: +49 (0)89 38 99 84-0 | Telefax: +49 (0)89 38 99 84-760
E-Mail: e.romstaetter@jkwohnbau.de | Web: www.JKWohnbau.de
20.12.2010 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: JK Wohnbau AG
LeopoldstraÃe 8
80802 München
Deutschland
Phone: +49 (0)89 38 99 84-0
Fax: +49 (0)89 38 99 84-760
E-mail: info@JKWohnbau.de
Internet: www.JKWohnbau.de
ISIN: DE000A1E8H38
WKN: A1E8H3
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: JK Wohnbau AG: Guidance for 2011 increased - significantly more profit expected
| Source: EQS Group AG