STOCKHOLM, Sweden, August 15, 2003 (PRIMEZONE) -- Kungsleden (Other OTC:KGSD):
- Profit after tax stood at SEK 174 m, equivalent to SEK 9.20 per share.
- Sales and operating surplus grew by 7 and 3 per cent to SEK 695 m and 412 m respectively.
- 30 properties divested in the interim period generating revenues of SEK 422 m and profits of SEK 56 m; 23 properties acquired for SEK 519 m.
- Kungsleden has decided to acquire the remaining 50 per cent of the joint venture Hemso Aldreboende AB, currently held by Catella.
- Kungsleden reiterates its forecast of profit before tax of SEK 450 m.
Commenting, Kungsleden's Chief Executive Jens Engwall, said: "Despite an adverse market, where many of our business tenants experienced a troublesome period, our cash flows remain robust. Our actions during this period were defensive-we prioritised the sale of commercial premises and the acquisition of retirement home properties with their low risk and long-term contracts. Going into the second half-year, we feel confident, and harbour some optimism. With our capable, lean organisational resources and a property holding generating abundant cash flows, we're ready to face new challenges."
For more information, please contact: Jens Engwall, Kungsleden's Chief Executive, tel: +46 (0)8 503 05204, mobile +46 (0)70 690 6550 Johan Risberg, Kungsleden's COO, tel: +46 (0)8 503 05206, mobile +46 (0)70 690 6565
Detta pressmeddelande och halvarsrapporten finns tillgangliga pa svenska pa www.kungsleden.se
Kungsleden's strategy is to ensure sustainable high and stable returns proceeding from its existing holding, and through acquisitions and disposals. Kungsleden's property holding comprises 423 properties with a book value of approximately SEK 10.4 bn. The holding is located in a total of 120 municipalities, although concentrated on the Swedish provinces of Gotaland and Svealand. Kungsleden has been quoted on the OM Stockholm Exchange O-list since 14 April 1999.
This information was brought to you by Waymaker http://www.waymaker.net
The full report is available for download:
http://www.waymaker.net/bitonline/2003/08/15/20030814BIT00930/wkr0001.doc http://www.waymaker.net/bitonline/2003/08/15/20030814BIT00930/wkr0002.pdf