Brief: Kojamo Outlook For 2023 Remains Unchanged

Lumo Kodit Oyj

11/05/2023 12:40

May 11 (Reuters) - Kojamo Oyj  KOJAMO.HE :
    * Q1 TOTAL REVENUE INCREASED BY 8.8 PER CENT TO EUR 108.2
(99.5)
MILLION
    * Q1 NET RENTAL INCOME INCREASED BY 4.3 PER CENT TO EUR 59.5
(57.0) MILLION
    * OUTLOOK FOR KOJAMO IN 2023 UNCHANGED
    * OUR OCCUPANCY RATE IMPROVED COMPARED TO PREVIOUS YEAR, AND
TENANT TURNOVER DECREASED
    * OCCUPANCY RATE AT BEGINNING OF YEAR WAS AFFECTED BY USUAL
SEASONAL VARIATION
    * IN ACCORDANCE WITH DECISION MADE LAST FALL, WE WILL NOT
MAKE NEW
INVESTMENTS IN THIS MARKET SITUATION
    * OUR ONGOING PROJECTS HAVE PROGRESSED ACCORDING TO PLANS
    * IN EARLY PART OF YEAR, A TOTAL OF 319 APARTMENTS WERE
COMPLETED
IN HELSINKI, ESPOO AND VANTAA, AND AT END OF REVIEW PERIOD,
1,485 APARTMENTS WERE UNDER CONSTRUCTION
    * NUMBER OF NEW APARTMENT STARTS ON MARKET HAS DECLINED
SIGNIFICANTLY IN RECENT MONTHS
    * AFTER ONGOING PROJECTS ARE COMPLETED DURING THIS YEAR,
HOUSING
SUPPLY ON MARKET WILL DECREASE SUBSTANTIALLY
    * INTEREST RATES HAVE CONTINUED TO RISE, AND NUMBER OF
COMPLETED
HOUSING TRANSACTIONS HAS FALLEN TO A RECORD LOW LEVEL
    * UNCERTAINTY IN FINANCIAL AND TRANSACTION MARKETS HAS
CONTINUED
IN FIRST MONTHS OF YEAR, AND THERE WERE LARGE MOVEMENTS IN
INTEREST RATE MARKET

Source text for Eikon:  ID:nWkr3GZ4mk 
Further company coverage:  KOJAMO.HE 

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