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Fastighets AB Balder's Q3 net profit after tax falls 41.8% YOY

Swedish developer Fastighets AB Balder's net profit after tax for the third quarter fell 41.8% year over year to nearly 2.09 billion kronor from approximately 3.60 billion kronor in the prior-year period.

On a per-share basis, net profit after tax attributable to parent company shareholders slipped 45.5% to 10.29 kronor from 18.89 kronor in the third quarter of 2018.

Net operating income increased 13.5% year over year to about 1.46 billion kronor from roughly 1.29 billion kronor, while rental income rose to roughly 1.92 billion kronor from about 1.71 billion kronor.

Profit from property management attributable to parent company shareholders rose 12% annually in the three-month period to 1.06 billion kronor, or 5.89 kronor per share, compared with 943 million kronor, or 5.24 kronor per share, in the prior-year period.

For the nine months ended Sept. 30, the real estate group's net profit after tax totaled roughly 5.06 billion kronor, a decline of 36.4% from almost 7.96 billion kronor in the year-earlier period. Net profit after tax attributable to parent company shareholders reached 24.85 kronor per share, a decrease of 38.5% from 40.38 kronor per share in the same period in 2018.

Net operating income during the nine months climbed 15.7% year over year to 4.15 billion kronor from 3.59 billion kronor, while rental income increased 13.2% on an annual basis to 5.58 billion kronor from approximately 4.93 billion kronor. Profit from property management attributable to parent company shareholders inched up 22% year over year to 2.97 billion kronor, or 16.50 kronor per share, from 2.43 billion kronor, or 13.49 kronor per share.

As at Sept. 30, Balder owned 1,280 investment properties valued at 130.80 billion kronor. The Stockholm-listed company also holds development properties worth nearly 2.37 billion kronor.

As of Oct. 24, US$1 was equivalent to 9.65 Swedish kronor.