Solid operating results in a challenging market environment - Seite 2

Thanks to significantly better results of operations, net income excluding revaluations and special effects amounted to CHF 18.0 million, up CHF 1.2 million or 7.4% over the previous year’s figure of CHF 16.8 million. Due to a negative revaluation result given overall market conditions of CHF 18.3 million, net profit was CHF 1.9 million. Net income was therefore down CHF 26.0 million or 93.1% on the previous year’s figure of CHF 27.9 million.

Higher property income and sustained recovery in the hotel & catering segment
Property income rose by CHF 2.4 million or 7.7%, from CHF 30.4 million to CHF 32.8 million, as a result of the Renggli Group acquisition carried out at the end of 2022, the full-period effect of successful rental activities as well as indexation-related rent increases.

In the previous year, the hotel & catering segment had reported a steady recovery from the negative effects of the COVID-19 pandemic from May 2022 onward. This recovery held on during the first half of 2023. As a result, revenue in the hotel & catering segment increased substantially by CHF 1.7 million or 26.6%, from CHF 6.4 million to CHF 8.1 million. Gross operating profit (GOP) also rose from 38.0% to a remarkable 42.3%.

Operating revenue increased by a total of CHF 4.4 million, or 11.4%, from CHF 38.5 million to CHF 42.9 million.

Slightly higher property expenses, generally higher expense items in conjunction with the increase in revenues and higher electricity costs pushed operating expenses up by CHF 1.7 million or 12.3%, from CHF 14.0 million to CHF 15.7 million.

Portfolio value unchanged thanks to acquisitions
At CHF 1'830.7 million, the market value of the portfolio as a whole as at 30 June 2023 remained at the level of 31 December 2022. An average increase in the real discount rates by 9 basis points in the first half of 2023 resulted in a negative revaluation effect of CHF 18.3 million, which corresponds to around 1.1% of the value of the portfolio’s investment properties. There had been a revaluation gain of CHF 12.7 million in the prior-year period.