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Investing.com -- Swiss real estate group Investis Holding SA (SIX:IREN) on Wednesday reported a lower half-year profit after the absence of a large disposal gain in the prior year weighed on results, though rental income and property valuations increased.
Net profit for the six months ended June 30 fell to CHF 80.2 million from CHF 143.0 million a year earlier, the company reported.
Earnings per share declined to CHF 6.28 from CHF 11.21. The year-earlier profit had included a CHF 122.2 million gain from the June 2024 sale of the Real Estate Services division.
Revenue dropped to CHF 38.8 million from CHF 116.5 million, reflecting the disposal of that business.
Rental income, however, rose 38% year on year to CHF 81.3 million, supported by acquisitions made in the last 18 months.
On a like-for-like basis, rental growth was 1.9%. The vacancy rate stood at 1.4%, compared with 1% a year earlier.
EBITDA before revaluations and disposals was CHF 24.4 million, slightly below CHF 26.4 million in the prior-year period.
EBIT declined to CHF 95.7 million from CHF 150.9 million. The latest figure included a CHF 70.5 million gain from the revaluation of investment properties, compared with CHF 4.5 million a year earlier.
Investis said its property portfolio grew to CHF 2.12 billion at the end of June from CHF 1.99 billion at the end of 2024.
The portfolio comprised 203 properties with 3,043 residential units. Residential assets were valued at CHF 1.68 billion and commercial properties at CHF 434.5 million.
Total assets increased to CHF 2.22 billion from CHF 2.08 billion at the end of 2024. The equity ratio was 62.3%, compared with 64.4% at year-end, while the loan-to-value ratio rose to 30.1% from 27.6%. Interest-bearing financial liabilities increased to CHF 639 million from CHF 551 million.
Net asset value per share excluding deferred taxes rose to CHF 121.69 from CHF 117.13 at the end of 2024.
Market capitalization at the end of June was CHF 1.63 billion, up from CHF 1.43 billion at the end of last year.
Investis said it added three properties worth CHF 58 million to its portfolio in the first half and acquired another property in July with an annual rental income of CHF 3.8 million.
Based on recent acquisitions, the company said it expects rental income for 2025 to exceed the 21% growth target it set in March.