Real estate company SBB, with former CEO Ilija Batljan as the largest owner, reports a loss after tax of 2.3 billion kronor for the second quarter of the year. This can be compared to the loss of 9.0 billion during the corresponding quarter last year.
Write-down of 1.6 billion
The result is weighed down, among other things, by a write-down of the value of the company's properties by 1.6 billion kronor during the quarter.
Rental income during the second quarter fell to 1,012 million kronor, from 1,164 million a year earlier. The so-called operating surplus became 720 million kronor, which can be compared to 826 million during the second quarter of 2023.
Associated company Nordiqus, where SBB owns almost 50 percent, has, according to a separate press release, refinanced approximately 8.6 billion kronor of the existing bank debt of 16 billion with new bonds in Swedish and Norwegian kronor, issued on the American market.
"The bonds have maturities of 10 to 15 years. This has been made possible by Nordiqus' financing receiving an investment grade rating based on a method for credit rating of infrastructure," writes SBB.
90 percent of the value gone up in smoke
Decreased interest rate pressure on the market and expectations of rapid interest rate cuts ahead have, before the report, contributed to lifting the highly indebted real estate company SBB's share, up 23 percent since the turn of the year and over 77 percent compared to a year ago.
"Much suggests that many larger real estate companies this autumn will benefit from a recovering bond market, where both price and maturity are expected to hold up well in comparison to bank financing," writes SBB's CEO Leiv Synnes in a comment in the report.
Someone who bought an SBB share at the end of 2021 has, despite this, seen approximately 90 percent of the value of the share go up in smoke.
