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Castellum's Q3 net income after tax down 60% YOY

Swedish real estate company Castellum AB's third-quarter net income after tax was 1.05 billion kronor, or 3.85 kronor per share, down 60% from roughly 2.63 billion kronor, or 9.61 kronor per share, in the 2018 third quarter.

Rental income for the three months to Sept. 30 rose to approximately 1.33 billion kronor from roughly 1.31 billion kronor over the same period in 2018.

For the nine months ended Sept. 30, net income after tax declined 28% year over year to approximately 3.64 billion kronor, or 13.31 kronor per share, from 5.05 billion kronor, or 18.49 kronor per share.

Nine-month net operating income increased to 3.10 billion kronor from approximately 2.97 billion kronor in the year-earlier period.

Rental income amounted to approximately 3.93 billion kronor for the period, compared to about 3.86 billion kronor a year ago. Income from property management climbed 7% year over year to 2.38 billion kronor, or 8.71 kronor per share, from 2.22 billion kronor, or 8.12 kronor per share.

Net investments in the nine months totaled 741 million kronor, down from roughly 3.01 billion kronor in the comparable 2018 period. The company spent 2.79 billion kronor on acquisitions and 2.06 billion kronor on new developments, extensions and redevelopments.

Net asset value, as defined by the European Public Real Estate Association, increased 11% year over year to 186 kronor per share as of September-end from 168 kronor per share.

Castellum's real estate portfolio was valued at about 92.72 billion kronor as of Sept. 30, compared to about 87.47 billion kronor as of Sept. 30, 2018.

As of Oct. 17, 2019, US$1 was equivalent to 9.71 Swedish kronor.