The listed company Real estate developer UBM has massively increased its profit this year in the first quarter. The bottom line was 22.9 million euros, almost four times as much as in the Previous year period. Before taxes, earnings (EBT) increased from EUR 7.9 to 39.3 million. The company said on Tuesday that “value appreciation of ongoing real estate projects” had been triggered.
The result was particularly “exceptionally influenced by significantly negative currency effects and a high tax rate”. However, the impact of the corona crisis is not yet shown in the figures – both on the hotel business and, to a lesser extent, due to rental losses. That would only be visible in the income statement in the course of the year, UBM boss emphasized Thomas Winkler.
No forecast
The influence of the pandemic on the valuations in the balance sheet can only be determined with more clarity about the parameters. Because of the uncertainty regarding the economic effects of Covid-19, “no concrete forecast for the whole of 2020 is currently possible”.
Earnings per share (EPS) increased fivefold from EUR 0.55 to EUR 2.74 in the first quarter. The dividend remains stable at EUR 2.20 per share.
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