Recurring PTP per share improved to SEK 7.11 (6.88)
Rental income rose 14% and NOI reached SEK 101m (92m), -10% vs. ABGSCe and -8% vs. cons. The effect from COVID-19 remains at ~SEK 2m per quarter, mainly due to reduced turnover-based rental income. A colder winter explains the slightly lower NOI margin compared to a year ago, and possibly the NOI miss vs. cons (-8%). Recurring pre-tax profit (PTP) grew by 17% y-o-y, to SEK 66m, in Q2. Recurring PTP per share, according to Trianon’s earnings capacity, has improved to SEK 7.11 (6.88) thanks to letting, lower interest costs and reduced shares in minorities. Net leasing fell to SEK 1.8m (SEK 2.4m in Q2’20).
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