DGAP-News: JK Wohnbau AG: JK Wohnbau AG reports earnings leap in first nine months of 2010
(firmenpresse) - DGAP-News: JK Wohnbau AG / Key word(s): Quarter Results
JK Wohnbau AG: JK Wohnbau AG reports earnings leap in first nine
months of 2010
01.12.2010 / 08:58
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- Notary sales performance up by 68% in individual sales area
- EBIT more than doubles to EUR 6.3 million
- Positive prospects for 2010 financial year
Munich, November 30, 2010 - JK Wohnbau AG reports extremely positive
progress during the first three quarters of 2010. EBIT amounted to TEUR
6,343 at the end of the reporting period, representing a 106% improvement
compared with the previous year's result of TEUR 3,076. Accounting-based
revenue rose to TEUR 36,282 during the first nine months (previous year:
TEUR 7,611). Gross profit increased from TEUR 8,847 to TEUR 13,774.
Compared with the corresponding period of the previous year, notary sales
performance in individual sales was up by 68% to EUR 79 million. As a
consequence, the property developer, which focuses on the attractive Munich
residential real estate market, seamlessly continued the previous years'
growth. The company reported an average 41% annual growth rate during the
years 1999 to 2009.
CEO and company founder Dr. Josef Kastenberger commented as follows on the
company's figures: 'Notary sales volume is an important indicator for us
that allows us to anticipate the revenue and earnings that we will generate
in two to three years' time. We are very satisfied with the 68% gain in
growth. 2009 was a record year for us. With a look to the full 2010 year,
we will be able to report a sales volume that is at a similarly high level
as in 2009. Results within the individual sales area will be far above the
2009 result.
JK Wohnbau AG has been successfully listed in the Prime Standard of the
Frankfurt Stock Exchange since November 10, 2010. With a placing price of
EUR 8.00 per share, which was fixed at the upper end of the price range,
the issue was significantly oversubscribed by the end of the subscription
period. 'We are very pleased with the IPO's success,' emphasised CEO Dr.
Josef L. Kastenberger, who regards the company as ideally positioned within
the high-growth Munich residential real estate market. 'We primarily aim to
invest the issue proceeds in new projects,' real estate expert Kastenberger
went on to comment. 'We take a very positive view of trends for the fourth
quarter and the 2010 financial year.'
JK Wohnbau currently enjoys a secure project and property pipeline of
approximately 1,900 residential units with a project volume in the
mid-triple-digit range in millions of euros. As a result of new projects
and the strengthened equity base, which allows the company to dispense with
cost-intensive project financing partnerships, the Management Board already
identifies dynamic growth rates for 2011 and 2012, and a significant
enhancement of the company's profitability. Additional earnings potentials
will also arise in the future from a greater focus on institutional
investors.
Disclaimer:
This announcement and the information that it contains may not be brought
to, or communicated in, the United States of America (USA), and may not be
distributed or transferred to U.S. persons (in the meaning of Regulation S
as issued under the Securities Act of 1933, and consequently including
legal entities), nor to publications with general distribution within the
USA. Any breach of this restriction may substantiate an infringement
against US American securities regulations. JK Wohnbau AG shares are not,
and will not be, registered under U.S. securities regulations, and may not
be offered for purchase, sold or issued to U.S. persons or within the USA
without such a registration, or an exemption from the registration
requirement. This press announcement is not an offer to purchase or to
subscribe for shares.
Company profile:
The JK Group, which was founded in 1995, has developed into one of the
leading real estate companies in Munich. The company is one of the Top 3
Munich residential building project developers with a notary sales
performance of around EUR 125 million in 2009. The company has positioned
itself firmly on the Munich residential real estate market through its
clear focus on high-quality properties in good locations with concepts for
higher-end, sophisticated target group requirements. JK Wohnbau AG focuses
on business areas comprising the construction of new residential
properties, and the privatisation of apartments, whereby existing
properties are purchased, modernised and sold as individual residential
units.
Company contact:
JK Wohnbau AG
Eva Romstätter
Leopoldstrasse 8
80802 Munich
Telephone: +49 (0)89 38 99 84-0
Fax: +49 (0)89 38 99 84-760
E-mail: e.romstaetter(at)jkwohnbau.de
Web: www.JKWohnbau.de
End of Corporate News
01.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: JK Wohnbau AG
Leopoldstraße 8
80802 München
Deutschland
Phone: +49 (0)89 38 99 84-0
Fax: +49 (0)89 38 99 84-760
E-mail: info(at)JKWohnbau.de
Internet: www.JKWohnbau.de
ISIN: DE000A1E8H38
WKN: A1E8H3
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in München, Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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105103 01.12.2010
Datum: 01.12.2010 - 08:58 Uhr
Sprache: Deutsch
News-ID 32763
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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