STOCKHOLM, Sweden, April 25, 2003 (PRIMEZONE) -- Tornet:
2003:I 2002:I
Profit for the period, SEK m 700 280
Income before tax, SEK m 351 155
Income from property sales net, SEK m 245 20
Cash flow from operations, SEK m 394 198
Operating profit, SEK m 362 299
Earnings per share, SEK 26.36 11.32
Shareholders' equity per share, SEK 210.08 178.01
Occupancy ratio area, % 89.4 92.0
Occupancy ratio financial, % 91.5 94.2
Profit for the period Profit for the period has increased by SEK 420 million to SEK 700 million (280). Profit for the period includes items affecting comparability of SEK 245 million (20) net including capital gains.
Sales and acquisitions
27 properties (10) have been sold for SEK 964 million (109) with a capital gain of SEK 245 million (20). The sales price is on level with the valuation as at 31 December 2002. Three properties (137) have been acquired for SEK 1,004 million (5 072).
Repurchase of Tornet shares
Tornet has repurchased 35,274 shares, equivalent to 0.1 per cent of the shares issued, in the first quarter of 2003. The board's repurchase mandate was renewed by the Annual General Meeting of Shareholders, which took place on 24 April 2003.
Forecast profit for 2003
Profit after tax for 2003 is expected to be approximately SEK 1,000 million under current market conditions. The income would correspond to SEK 37.70 per share (26,535,142 shares). The previous forecast was approximately SEK 550 million before tax.
Fastighets AB Tornet (publ) For further information, please contact: Sverker Lerheden, Managing Director, Fastighets AB Tornet +46-8-544 905 00 Britt-Marie Einar, IR Manager, Fastighets AB Tornet +46-8-544 905 08, +46-70-576 92 08
Fastighets AB Tornet is one of Sweden's major listed property companies. Its holding has a lettable area of approximately 2.8 million square metres and a book value of approximately SEK 19 billion. Nearly 97 per cent of the property holdings, measured as book value, are in Sweden and mainly concentrated in Sweden's six largest cities, Norrkoping and Karlstad. The properties are owned and managed by the subsidiaries ArosTornet, Malmstaden, MalarTornet, SkansTornet and Euro Tower.
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