• Fri. Mar 1st, 2024

Investors House Reports Drop in Financial Performance for Last Quarter, Projects Similar Results for 2024 Despite Challenges

ByEditor

Feb 12, 2024
Investors House’s result impacted by decrease in real estate values

Investors House, a real estate investment company, released its financial statements for the previous year and disclosed its results for the period of October-December. During that time, the company experienced a decrease in turnover to 1.8 million euros from 2.1 million euros compared to the same period the year before. Their net income also dropped to 0.55 million euros from 0.65 million euros, while the operating result decreased to 0.34 million euros from 0.36 million euros. Additionally, the reported operating profit went down to 0.04 million euros from 3.9 million euros, and the overall result for October-December was 0.1 million euros compared to 2.3 million euros in the previous year.

The decline in performance during the last quarter was primarily due to several factors including a decrease in fully owned properties by around 1.0 million euros and a goodwill write-down of subsidiary Juhola Asset Management by 0.6 million euros.

On the positive side, changes in value of investment properties owned by associated companies contributed around 1.5 million euros to overall result.

Investors House projected that results for 2024 would be similar to those of 2023 despite challenges such as COVID-19 pandemic, inflation and rising interest rates.

Managing director Petri Roininen highlighted that despite these challenges, they achieved almost all their established goals and formed meaningful partnerships with customers while maintaining strong equity and liquidity.

Regarding real estate valuations, Investors House faced challenges as yield requirements resulting from rising interest rates led to decreased property values but they countered this by improving occupancy rates, implementing full rent increases and engaging in real estate development which is line with their strategic objectives.

The EPRA NRV or net assets per share stood at 5.76 euros at end of previous year compared to

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