Brief: FastPartner Q2 Profit From Property Management Falls To SEK 201.0 Mln

FastPartner AB

04/07/2023 12:49

July 4 (Reuters) - FastPartner AB  FPARa.ST :
    * Q2 RENTAL INCOME SEK 553.0 MILLION VERSUS SEK 492.4
MILLION YEAR
AGO
    * Q2 PROFIT FROM PROPERTY MANAGEMENT SEK 201.0 MILLION
VERSUS SEK
286.7 MILLION YEAR AGO
    * 2025 TARGET ANNUAL ROLLING PROFIT FROM PROPERTY MANAGEMENT
SEK
1,100 MILLION UNCHANGED
    * 2025 TARGET LTV  <30% UNCHANGED
    * Q2 UNRELIZED CHANGES IN VALUE -1,503.4 MSEK VERSUS +895.6
MSEK
YEAR AGO
    * SBB IS THE ULTIMATE PROOF OF THIS AND EVERY INTEREST RATE
INCREASE FROM RIKSBANKEN FURTHER WORSENS THE SITUATION FOR REAL
ESTATE COMPANIES
    * SAYS CASH FLOW IS STRONG, AND EVEN WITH FURTHER INCREASE
IN KEY
INTEREST RATE TO 4%, CO WILL BE ABLE TO GENERATE CASH FLOW OF NO
LESS THAN SEK 650 – 700 MILLION
    * DESPITE GOOD OPERATING NET INCOME, IT IS NOT ENOUGH TO
FULLY
COMPENSATE FOR OUR INCREASED FINANCING COSTS

Source text for Eikon:  ID:nWkr48kC1Y 
Further company coverage:  FPARa.ST 

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