STOCKHOLM (dpa-AFX) - Swedish real estate company Fastighets AB Balder (BALDF) on Tuesday reported lower profit in the first half, despite growth in rental income.
In the six months, profit after tax attributable to the parent company's shareholders amounted to 2.83 billion Swedish kronor, lower than last year's 3.46 billion kronor. Earnings per share were 2.40 kronor, down from 2.91 kronor last year.
Profit from property management for the period declined to 3.00 billion kronor from 3.39 billion kronor last year. Profit from property management attributable to the parent company's shareholders was 2.78 billion kronor, down from 3.16 billion kronor a year ago.
Profit from property management per share declined 11 percent to 2.36 kronor from 2.65 krnor last year. Adjusted for Balder's participation in the profit from property management from Norion Bank, the profit from property management per share increased 3 percent.
Rental income, however, grew to 7.03 billion kronor from 6.83 billion kronor last year.
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