SBB reports smaller Q4 loss, will continue to cut cost and sell assets (updated)

Samhallsbyggnadsbolaget I Norden AB

19/02/2025 07:13

(Adds results, CEO in paragraphs 2-4)
       OSLO, Feb 19 (Reuters) - Swedish real estate group SBB
 SBBb.ST  reported on Wednesday a smaller pretax loss for the
fourth quarter compared to a year earlier and said it would
continue to cut costs and divest assets in order to boost its
finances.
    The company was one of several European real estate groups
forced to trim debt and restructure in the face of high interest
rates in recent years, although conditions began to improve in
2024 as central banks eased monetary policies.
        SBB, which owns properties such as hospitals and care
homes across Sweden, reported an October-December loss before
tax of 613 billion Swedish crowns ($57.25 billion), compared
with a loss of 3.37 billion in the final quarter of 2023.
  
        "By the end of 2025, the objective is to increase
quality and normalise the central cost level, entailing a
significant reduction in the cost level," SBB CEO Leiv Synnes
said in a statement.
  

 (Reporting by Terje Solsvik, editing by Louise Rasmussen)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))