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Investing.com -- Finland’s Kojamo (HE:KOJAMO) reported a modest rise in revenue but weaker profitability in the second quarter of 2025, as valuation losses on its property portfolio continued to weigh on results.
The company’s Q2 revenue rose 2.9% to 115.6 million euros, while net rental income edged up 0.9% to 82.8 million euros, representing 71.7% of revenue.
The company posted a pre-tax loss of 12.7 million euros, compared with a 104.3 million euros loss a year earlier, including 48.0 million euros hit from the fair value of investment properties. Loss per share (EPS) stood at 0.04 euros.
Funds From Operations (FFO) declined 9.3% to 38.8 million euros.
"The growth in total revenue and net rental income continued in the second quarter of the year. FFO decreased which was due to higher financial, maintenance and repair expenses than in comparison period," said Reima Rytsola, who began his tenure as CEO in June.
"Improving the occupancy rate is still our key priority, and robust growth continued during the second quarter. Our financial occupancy rate was 92.8 per cent in the first quarter, and it increased to 94.4 per cent in the second quarter. In June, our occupancy rate already reached 94.8 per cent."
For the first half, revenue increased 1.9% to 229.9 million euros, with net rental income up 2% to 145.6 million euros.
The pre-tax result was a 23.8 million euros loss, narrower than last year’s 65 million euros loss, reflecting an 85.3 million euros hit in property valuation changes. Loss per share came in at 0.08.
FFO fell 9% to 62 million euros.
The financial occupancy rate improved to 93.6% from 91.7%.
Equity per share rose slightly to 14.59 euros, while EPRA NRV per share increased 1.2% to 18.38 euros.
Return on equity was -1.1%, and return on investment 1.1%.
Kojamo reiterated its outlook for 2025.