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PSP Swiss Property's H1 net income up 63.5% YOY

PSP Swiss Property AG said its net income for the first half amounted to CHF258.8 million, or CHF5.64 per share, a gain of 63.5% from CHF158.3 million, or CHF3.45 per share, in the prior-year period.

Excluding gains on real estate investments, net income came to CHF115.3 million, or CHF2.51 per share, rising 34.7% annually from CHF85.6 million, or CHF1.87 per share.

EBITDA, excluding gains on real estate investment, rose 6.8% year over year to CHF125.7 million from roughly CHF117.7 million.

Rental income rose on an annual basis to CHF145.0 million from CHF138.7 million.

Subsequent to the first-half period, the company increased its existing bond maturing 2024 by a nominal amount of CHF75 million to CHF300 million.

PSP raised its expected EBITDA, excluding gains/losses on real estate investment, for the full year to more than CHF250 million from the previous guidance of CHF250 million.