Gateway Real Estate generated EBIT adjusted of EUR 28.4 million in H1 2020

DGAP-Media / 15.09.2020 / 07:00 Gateway Real Estate generated EBIT adjusted of EUR 28.4 million in H1 2020   EBIT adjusted rose to EUR 28.4 million in the first half of 2020 (prior-year period: EUR 22.7 million) Profit after tax amounted to EUR 7.7 million in H1 2020 (prior-year period: EUR 1.8 million) und earnings per share to 0.04 EUR Current GDV (gross development volume) amounted to approximately EUR 5 billion Frankfurt am Main, 15 September 2020. Gateway Real Estate AG (WKN A0JJTG / ISIN DE000A0JJTG7), one of Germany's leading listed developers of commercial and residential real estate, is satisfied with the development in the first half despite the situation caused by covid-19 pandemic and was able to increase earnings in the first half compared to the relevant prior-year period. The company generated an EBIT adjusted of EUR 28.4 million in the first six months of 2020, which is an increase of 25% in comparison to prior-year period (H1 2019: EUR 22.7 million). Profit after tax in the Q1 2020 amounted to EUR 7.7 million (H1 2019: EUR 1.8 million) and correspond to earnings per share of 0.04 EUR respectively (prior-year period: 0.01 EUR). GDV (gross development volume) amounted to approximately EUR 5 billion at the end of the first half year. Tobias Meibom, CFO of Gateway Real Estate AG, comments: "The H1 2020 results demonstrate, as already seen in Q1 2020 results, that the company was able to increase earnings in comparison to prior-year period. We had established the foundation for this in the past year already thanks to a very successful business model as well as a strong pipeline of projects. Despite the COVID-19 pandemic, we currently do not see any negative impact on the standing assets and the projects that are in the realization phase are progressing as planned. While negotiations for new rentals and disposals have slowed down in the past few months, we are currently observing a rising demand, and an increasing number of rental and sales transactions is being discussed at the moment."