• The gross profit of the Nordicom group in the first quarter of 2008 comprised
DKK 86.5 million, as against DKK 84.8 million in Q1 2007, corresponding to a
rise of DKK 1.7 million. The rise was due to increased earnings in the
letting-out of investment property, whereas group earnings declined in
development activities.
• Pre-tax profit for Q1 2008 comprised DKK 28.8 million (Q1 2007: DKK 39.6
million), which corresponds to our expectations. The fall in group earnings is
caused by higher interest expenditure in 2008 than in 2007.
• Five new properties were acquired in the first quarter of 2008. No properties
have been sold during the period.
• For the financial year 2008 as a whole, we continue to expect a pre-tax
result in the region of DKK 300 million. as higher earnings from delivery of
development projects and realised profit from sale of investment properties are
expected in the last three quarters of 2008.The current unrest in the financial
sector, which has begun to leave its mark on the property sector, is not
expected to have a major effect on Nordicom's earning potential in 2008.
