Jelmoli posts sharply higher H1 net on appreciation of real estate portfolio |
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Tue, 11 Sep 2007 07:01
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ZURICH (Thomson Financial) - Swiss retail and real estate group Jelmoli Holding AG reported a first half net profit including discontinued operations of 371.8 mln sfr, compared to 53.8 mln the year before, citing a sharp appreciation of property value.Jelmoli had announced at the end of July that it plans to sell its real estate arm for 3.4 bln sfr, resulting in a reassessment of its real estate portfolio, which is now valued at 428.5 mln sfr.It also said that based on the balance sheet value per June 30, 2007, net proceeds from the sale of the real estate portfolio, as well as the planned sale of units Fust/netto24, will exceed 1 bln sfr.Consequently, Jelmoli said it sees a significantly higher full year operating and net income.The group's EBIT in the first six months of the year rose to 476.7 mln sfr, from 58.8 mln, while turnover increased to 111.7 mln sfr, from 110.9 mln.Jelmoli also said that it financial loss in the period narrowed to 19.3 mln sfr, from a loss of 27.8 mln the year before.The company had previously said that it plans to turn itself into an investment group.andrew.ge.thompson@thomson.comat/ejpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Jelmoli sells real estate portfolio for 3.4 bln sfr, turns into investment group 