DGAP-News: KWG Kommunale Wohnen AG: KWG makes a profit in the first half of 2010 without increases in property values
(firmenpresse) - KWG Kommunale Wohnen AG / Half Year Results
11.08.2010 07:55
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* Result of ordinary operations: 0.9 million euros
* Group result for the period: 0.5 million euros
* First Group profit without increases in property values
* NAV goes up to 6.63 euros per share
Hamburg - 11th August 2010 - KWG Kommunale Wohnen AG, long-term owner of a
portfolio of German apartments, has reached an important goal: for the
first time in the company's four-year history, KWG made a profit from
operations alone, without any increases in the value of real estate held as
an investment or of special items.
With total rental space almost unchanged, turnover went up by a good 3%
from the same period last year, from 9.5 to 9.8 million euros. The
company's turnover derives solely from rental income. The result of
ordinary operations was 0.9 million euros: the figure of 1.7 million euros
for the first half of 2009 contained value increases of 2.1 million euros.
The Group result for the first half of 2010 was 0.5 million euros, as
against 1.2 million euros in the same period last year.
In addition to rising rental income, a substantial contribution to the
result was made by a significant reduction in materials expenditure, which
includes operating costs. In the first half of 2010, materials expenditure
fell from 4.1 to 3.1 million euros. Heating costs in particular went down
by 0.5 million euros, despite the unusually cold winter. The fall in
materials expenditure was due to KWG's most recent modernisation and
renovation work, and to additional measures taken to cut costs. Significant
savings were also achieved by internalising the property management for our
apartments in east Germany: this work is now performed by our subsidiary
KWG Wohnwert GmbH.
Group equity as at 30th June 2010 went up from 64.7 million euros at the
end of 2009 to 65.1 million euros. This enabled us to again improve our
capital ratio slightly, namely from 34.5% to 34.8%. NAV (net asset value)
per share went up to 6.63 euros from 6.59 euros at the end of 2009.
Moreover, we were able to achieve a positive cash flow from current
operations of 0.6 million euros in the half-year.
KWG's CEO Stavros Efremidis commented: 'We are very happy with the
half-yearly result. We have achieved the aim of every property portfolio
owner, namely a profit from current operations. We also achieved a
financial benefit for our tenants by reducing operating costs. We intend to
continue the positive development of business in the second half of 2010.'
The half-yearly report will be available for download in the Investor
Relations section of our website www.kwg-ag.de from 25. August 2010.
Contact:
KWG Kommunale Wohnen AG
Alstertor 9
20095 Hamburg
Tel.: 040/2263088-100
eMail: ir(at)kwg-ag.de
edicto GmbH
Axel Mühlhaus
Zeißelstraße 19
60318 Frankfurt a. M.
Tel.: 069/ 9055055-0
eMail: amuehlhaus(at)edicto.de
11.08.2010 07:55 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: KWG Kommunale Wohnen AG
Alstertor 9
20095 Hamburg
Deutschland
Phone: 040 22 63 088 100
Fax: 040 22 63 088 200
E-mail: ir(at)kwg-ag.de
Internet: www.kwg-ag.de
ISIN: DE0005227342
WKN: 522734
Listed: Freiverkehr in München, Berlin, Stuttgart; Open Market (Entry
Standard) in Frankfurt
End of News DGAP News-Service
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Datum: 11.08.2010 - 07:55 Uhr
Sprache: Deutsch
News-ID 31949
Anzahl Zeichen: 0
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Kategorie:
Business News
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