as at 31 March 2018
The Supervisory Board of Investeringsselskabet Luxor A/S has today adopted the Half-year Report as at 31 March 2018.
Second quarter 2017/18:
- Basic earnings amount to DKK 4.2 million (DKK 5.9 million).
The lower basic earnings are primarily due to increased net losses on mortgage deeds (DKK 1.1 million) and direct expenses relating to investment properties (DKK 0.8 million).
- The Groups profit before tax amounts to DKK 6.5 million (DKK 10.5 million).
- Basic earnings for the half-year amount to DKK 9.2 million (DKK 13.1 million).
Basic earnings for the half-year are negatively affected by an increase in net losses on mortgage deeds (DKK 2.3 million), a decrease in rental income (DKK 0.8 million) and an increase in financial expenses (DKK 0.5 million).
- The Groups results before tax for the half-year show a profit of DKK 9.4 million (DKK 23.4 million).
For the half-year 2017/18, results before tax are affected by gains and fair value adjustments of DKK 0.2 million relating to bonds and shares as well as interest swaps; similarly, results before tax for the half-year 2016/17 were positively affected by DKK 10.3 million. Adjusted for these items, profit before tax amounts to DKK 9.2 million for the half-year 2017/18 compared to DKK 13.1 million for the half-year 2016/17.
Expected basic earnings 2017/18:
- For the financial year 2017/18, basic earnings in line with the financial year 2016/17 are expected (DKK 24.9 million), which is in accordance with the most recent announcement made in Company Announcement No 4, 2017/18.
Fair value adjustments of bonds, foreign currencies and interest swaps, etc are not included in basic earnings and will from the beginning of the financial year until 17 May 2018 affect results for the year before tax positively by DKK 0.5 million. The amount is distributed with DKK 0.2 million for the half-year and DKK 0.3 million for the period 1 April to 17 May 2018.
For additional information concerning this Half-year Report, please contact Jannik Rolf Larsen, CEO.