Castellum falls as it cuts dividend target, posts lower Q1 results

Castellum AB

03/05/2024 09:31

** Shares of Castellum  CAST.ST  slide 4% after the Swedish
real estate group lowered its dividend policy and booked
unrealised losses on property portfolio in Q1 
     ** Castellum said on Thursday it will distribute at least
25% of income from property management as dividends, compared
with at least targeted 50% earlier
    ** This may have caused some dividend-oriented investors to
sell Castellum shares on Friday, Carlsquare analyst Bertil
Nilsson says
     ** Castellum reports Q1 net investment of SEK 235 million 
($21.64 million), down from SEK 413 million last year
    ** It says the market is "more hesitant" as the fight
against inflation continues
    ** Peer Balder  BALDb.ST  falls 5.6% after it posted a much
wider Q1 net loss
    ** Nilsson notes Balder and Castellum reported unrealised
losses of SEK 652 million and SEK 1.02 billion, respectively, on
their property portfolios
    ** This is the same negative trend that Fabege  FABG.ST 
reported earlier this reporting season, he adds

($1 = 10.8596 Swedish crowns)

 (Reporting by Agnieszka Oleńska)
 ((Agnieszka.Olenska@thomsonreuters.com;))