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 such as a decrease in fully owned properties’ values by around 1.0 million euros, goodwill write-downs of subsidiaries by around 0.6 million euros and incentive fees totaling around 0.03 million euros.
On a positive note, Investors House’s EPRA NRV stood at approximately 5.76euro at the end of December compared to 6.23euro at the end of December of previous year.
Looking ahead, Investors House projected that its results for 2024 would be similar to those of 2023.
Petri Roininen, managing director of Investors House stated that despite challenges such as COVID-19 pandemic inflation and rising interest rates, his strategic plan proved successful with almost all established goals met.
He also highlighted how they were able to create shareholder value despite market fluctuations 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 countered this by improving occupancy rates implementing full rent increases and engaging in real estate development line with its strategic objectives