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KWG: Profit boosted by 140% to €8mn
The preliminary financial figures indicate that the KWG Kommunale Wohnen residential company concluded its 2010 fiscal year with considerably better results than predicted. According to its announcement, a profit of approximately €8mn was brought in, an increase of 140% compared to the previous year (2009: €3.3mn). It was only last November when the firm raised its earnings prediction to more than €4mn. KWG said it attributes its positive development to its new investment and renovation strategy. The report states that net proceeds from rent rose to €13.4mn. This increase is said to comprise both a 2.5% hike in net rent per square meter and growth in the amount of rented surface area. An increase in consolidated profit is also expected for the current year.
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