For the reporting period January to June 2008, PSP Swiss Property has improved its earnings compared to last year's first six months: Net income excluding revaluations gains amounted to CHF 60.5 million (first half-year 2007: CHF 58.8 million). Correspond-ing earnings per share increased by 6.8% to CHF 1.42. Instrumental for this success were the measures introduced early 2007 within the field of property management and letting activities.
For the reporting period January to March 2008, PSP Swiss Property has improved its earnings compared to last year's first quarter: Net income amounted to CHF 30.4 million (first quarter 2007: CHF 30.3 million). Earnings per share increased by 5.9% to CHF 0.72. Net income excluding revaluations gains reached CHF 30.0 million (first quarter 2007: CHF 29.9 million). As per end of March 2008, NAV per share reached CHF 60.35, 1.1% more than as per end of 2007 (CHF 59.71). NAV before deducting deferred taxes rose by 1.0% to CHF 69.65 (end of 2007: CHF 68.94).
In 2007, PSP Swiss Property has improved its earnings substantially compared to the previous year: net income rose by 29.3% to CHF 291.2 million, earnings per share increased by 35.3% to CHF 6.71. The Board of Directors proposes a cash payment of CHF 2.40 per share, 9.1% more than last year. Again, this payment will be in the form of a nominal value reduction. The vacancy of the property portfolio was lowered to 10.6%, which is a reduction by 3.3 percentage points compared to the end of the previous year.
PSP Swiss Property: The measures introduced to lower the vacancy rate are showing results.
PSP Swiss Property achieves very positive results in the first half of 2007. Compared to the first half 2006, net income rose by 20.6% to CHF 142.2 million, mainly due to a significant portfolio revaluation. Thanks to higher rental income as well as lower tax charges, net income excluding revaluation gains moved up by 16.3% to CHF 58.8 million.
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Publication of 2008 half-year results
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