THOMAS DAILY News

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.

Premium Content

TD Premium subscribers have access to this article in full as well as to an additional 400,000+ news items: all filterable by topics, companies, asset classes, cities and keywords. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.

 

TD Premium is Germany's leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.

Advertisement

Advertisement