Brief: Zug Estates Holding H1 Net Income Down At CHF 8.3 Million

Zug Estates Holding AG

28/08/2020 05:36

Aug 28 (Reuters) - Zug Estates Holding AG  ZUGN.S :
    * H1 PROPERTY INCOME ROSE BY 5.4% YEAR OVER YEAR TO CHF 28.2
MILLION.
    * H1 NET INCOME AMOUNTED TO CHF 8.3 MILLION (PRIOR-YEAR
PERIOD:
CHF 26.1 MILLION).
    * H1 EXCLUDING REVALUATION AND SPECIAL EFFECTS, NET INCOME
DECLINED FROM CHF 15.4 MILLION TO CHF 11.9 MILLION.
    * H1 GROSS OPERATING PROFIT (GOP) IS AT A MERE 7.8% COMPARED
TO
39.3% IN FIRST HALF OF 2019.
    * WE STILL EXPECT RENTAL REVENUE TO INCREASE FOR YEAR AS A
WHOLE
    * WE EXPECT SALES AND GOP IN HOTEL & CATERING SEGMENT TO
FALL
SIGNIFICANTLY SHORT OF PRIOR-YEAR LEVEL DUE TO FACT THAT OUR
REGULAR CUSTOMERS' INTERNATIONAL BUSINESS TRAVEL CAME TO A HALT,
CAUSING SALES TO PLUMMET.
    * BOTH OPERATING INCOME BEFORE DEPRECIATION AND REVALUATIONS
AND
NET INCOME EXCLUDING REVALUATION AND SPECIAL EFFECTS ARE
EXPECTED TO BE SIGNIFICANTLY LOWER YEAR ON YEAR AS A RESULT

Source text for Eikon:  ID:nTEN9zhhea 
Further company coverage:  ZUGN.S 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))