Peach Property Group more than quadruples net profit to CHF 16 million during the first six months of 2017
- Market value of investment portfolio increases by 48 percent to CHF 332 million as at the end of the first half-year; market value of the total portfolio increases to CHF 414 Mio.
- Rental income up 61 percent to CHF 6.8 million
- Positive earnings contribution from the sale of development projects
Zurich, 10 August 2017 - Peach Property Group, an investor specialising in the management of residential property in Germany, today announced a leap in profits exceeding expectations based on initial key data on the first half of 2017. Earnings after taxes more than quadrupled year-on-year from CHF 3.8 million to CHF 16.0 million. This increase was mainly due to the significant expansion of the investment portfolio as well as value enhancing activities increasing property values. Sales of the remaining development projects in the reporting period and the appreciation of the euro also had a positive effect on earnings.
Based on preliminary figures, rental income for the first six months of 2017 improved by around 61 percent to CHF 6.8 million. Acquisitions and active asset management lifted the market value of the investment portfolio by 48 percent to CHF 332 million at the end of the first half-year compared with year-end 2016. The market value of the total portfolio at the same time increased to CHF 414 Mio.
Final figures for the business development in the first half year of 2017 as well as the 2017 half-year report will be published on 22 August 2017.
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher, Chief Financial Officer
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About Peach Property Group AG
Peach Property Group is a property investor and developer focused on investments in Germany and Switzerland. The Group stands for long time experience, competence and quality. Innovative solutions for modern housing needs, strong partnerships and a wide value chain complete the profile of the Group. The portfolio consists of an increasing number of high yield investment properties, typically in B-cities in close reach to metropolitan areas. In addition, the Group develops properties for its own portfolio or for the sale as condominium. Developments for sale focus on A-locations and encompass attractive architecture and high level furnishing for an international clientele. The business activities of the Group cover the entire value chain, from property acquisition and site selection to active asset management and finally to the sale or lease of properties.
Peach Property Group AG is headquartered in Zurich and has its German Group headquarters in Cologne. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer and Dr. Christian De Prati.
For more information, see www.peachproperty.com