Castellum H1 Profit Up

(RTTNews) - Swedish real estate firm Castellum AB (CWQXF.PK) Tuesday reported an increase in net income for the first half of the year, helped by higher rental income. For the six-month period, net income increased to 902 million Swedish kronor or 5.50 kronor per share from 580 million kronor or 3.54 kronor per share in the same period last year.

Rental income for the period increased to 1.622 billion kronor from 1.521 billion kronor during the same period last year. Income from property management increased 5 percent to 634 million kronor from 606 million kronor in the previous year, despite a hard winter with a cold first half-year and a weak business cycle.

Net investments amounted to 846 million kronor compared with 735 million kronor last year. In this year's net investments, 799 million kronor was for new constructions, extensions and reconstructions, 152 million kronor for acquisitions and 105 million kronor for sales.

Castellum noted that net leasing was positive during the first half-year, mainly due to leasing in new projects.