(Oslo, 25 August 2011)
Northern Logistic Property reports today results for the second quarter of 2011.
Quarterly highlights:
- Net rent of NOK 90.0 million (78.4) for the quarter and NOK 180.4 million (151.3) for the first half year.
- After tax result of NOK 12.5 million (159.6) for the quarter, corresponding to NOK 0.4 per share (4.6) and NOK 66.4 million (175.2) for the first half year, corresponding to NOK 1.9 per share (5.0).
- Value of investment property value kept stable in local currency and was of NOK 5 180 million at the end of the quarter
- Equity ratio increased to 26.1% (25.0%) by the end of the quarter, corresponding to NOK 40.8 per share (40.1).
- Paid out dividend of NOK 17.5 million, corresponding to NOK 0.5 per share.
- Sale of Fördelaren 2 in Kungälv gave a realized gain of SEK 3 million in the quarter.
CEO Peter Strand says in a comment: "We are satisfied with the operational improvement, as well as the strengthening of our financial position. Income is up, we have a solid cash generation and the equity ratio has improved."
Strand adds: "At the same time we continuously seek to develop our portfolio of properties. The new-build project in Västerås is progressing according to plan and the modern logistic building shall be ready for the tenant in December. We also sold an office property in Kungälv since it did't match our logistics property portfolio. In our view, we are taking steps in the right direction and we are optimistic towards the future. Strategy of building a larger logistics property company remains firm".
Northern Logistic Property ASA will release its financial results for the second quarter and first half year 2011 today, 25 August 2011. In connection with this, the company will give a presentation at Felix Conference Centre, Aker Brygge, Oslo 08:30 CET.
Peter Strand, CEO and Tommy Åstrand, CFO will represent the company.
Webcast: The presentation will also be broadcasted live on the company's new investor website: www.nlpfastigheter.se. Questions to the management can be sent from the internet/webcast during the presentation. A recorded version of the presentation will also be available on www.nlpfastigheter.se after the broadcast has concluded. The presentation will be held in Swedish.
The Interim Report and presentation material will be available at www.newsweb.no and www.nlpfastigheter.se before the presentation.
For further information:
Peter Strand, CEO: +46 705 88 1661, email: peter.strand@nlpfastigheter.se
Tommy Åstrand, CFO: +46 705 45 5997, email: tommy.astrand@nlpfastigheter.se
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Northern Logistic Property ASA
Northern Logistic Property ASA (NLP) is a leading pure-play logistic property company based in the Nordic region. The portfolio consists of 20 advanced logistic properties located in strategic locations relative to major logistics flows, with a total lettable area of 711 600 square meters. It is the only listed company of its sort in the Nordic countries.
NLP delivers stable and increasing revenue and cash flow from rental income, driven by an attractive lease structure with solid tenants.