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Hufvudstaden's H1 profit after tax falls YOY

Hufvudstaden AB said its profit after tax for the first half came to 7.18 Swedish kronor per share, a decline of 42.5% from 12.48 kronor per share in the year-earlier period.

Profit after tax totaled 1.48 billion kronor, a decline of 42.5% from 2.58 billion kronor in the prior-year period.

The office and retail-focused company attributed the decline mainly to lower unrealized changes in the value of the property holdings and the deferred tax recalculation in the previous year following the reduction in corporation tax.

Net revenue grew 5.6% on an annual basis to 938.0 million kronor from 888.0 million kronor.

Gross profit from property management totaled 681.9 million kronor compared with 647.6 million kronor in the year-earlier period. The rise was attributed mainly to higher rental revenue.

The rental vacancy level at the end of the reporting period stood at 6.5%, compared to 4.2% in the year-ago period. Excluding current development projects, rental vacancy stood at 2.9%.

The fair value of the company's property holdings was 45.8 billion kronor, compared to 44.1 billion kronor at the beginning of 2019.

As of Aug. 20, US$1 was equivalent to 9.71 Swedish kronor.