STOCKHOLM, Sweden, May 6, 2002 (PRIMEZONE) -- Drott:
SEK M Jan-Mar 2002 Jan-Mar 2001
Ongoing property management operations 160 220
("operations")
Result from property sales 120 320
Nonrecurring items - 13
Profit before tax 280 553
Cash flow/share (operations), SEK 2.60 2.94
- lower profit mainly due to major property sales in 2001
- rental revenues rose by 5 percent in the like-for-like portfolio
Outlook for 2002
- full-year profit from operations will be lower than previous year, as announced in year-end report, and is estimated at approximately SEK 700 M before tax - cash flow is expected to exceed SEK 11.00 per share - in addition - gains on property sales (Jan-March: SEK 120 M before tax)
Drott owns commercial and residential properties in regions and metropolitan areas with faster long-term growth than the rest of the country. Three-quarters of rental revenues are from the Stockholm region, and the rest from the Oresund and Gothenburg regions. Appraised property values as of Dec. 31, 2001: SEK 39.3 billion. More than 50,000 shareholders. Market capitalization of slightly over SEK 10 billion (excl. repurchased shares
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