Sagax rental revenue increased 12% to SEK 715 M in the second quarter (639 for the year-earlier period).
Profit from property management increased 23% to SEK 612 M (496).
Profit after tax for the period amounted to SEK 361 M (917).
As a result of the COVID-19 pandemic, macroeconomic conditions in the company’s markets have deteriorated and uncertainty has increased. Despite the fact that the impact of the pandemic on the company has been limited to date, Sagax’s forecast for profit from property management is associated with greater uncertainty than under normal market conditions.
Profit from property management for 2020, meaning profit before revaluations and tax, based on the current property portfolio, announced acquisitions and divestments and current exchange rates, is expected to amount to SEK 2,300 M. The previously submitted forecast was for profit of SEK 2,250-2,300 M and was presented when the January-March 2020 interim report was published.