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Noratis Announces H1 Pre-tax Profit Adjusted For IPO Costs Of EUR 6.9 Mln

Noratis AG said that pre-tax profit adjusted for IPO costs for the first half of the year totalled 6.9 million euros. Profit after tax and IPO costs was 3.3 million euros, a multiple of the profit for the first half of 2016 of 0.7 million euros despite the one-off costs of the IPO. Earnings before interest and taxes (EBIT) rose to 8.4 million euros in the first half of 2017 before the deduction of IPO costs, up from 2.8 million euros in the same period last year.

At 33.1 million euros, revenue was about 89 percent higher than the prior-year figure of 17.5 million euro. The sharp rise in profits for the first half of the year was primarily attributable to the sale of a real estate portfolio in Dormagen at the start of the year, and to the sale of individual apartments.

Noratis AG also disposed of an additional portfolio of 221 apartments in Dormagen after the end of the reporting period.

As a result of its IPO in June 2017, Noratis AG received gross proceeds of about EUR 17.25 million for the expansion of its portfolio. In addition to selling a real estate portfolio of 221 apartments in September, the company has already acquired two real estate portfolios with 59 apartments and a commercial property in Frankfurt as well as 354 apartments in the Hamburg metropolitan region.

Noratis AG is also planning to purchase further real estate after completing
these acquisitions.

Based on the strong development of the business in the first half of the year and the positive outlook, the Management Board anticipates consolidated revenue of around EUR 65 million and consolidated profit before tax of around EUR 13.5 million before the deduction of IPO costs for the full year 2017. Noratis has currently 2.92 million shares outstanding.

The company is planning to propose a dividend payment of around 50 percent of annual net profit for the 2017 financial year to the Annual General Meeting.

by RTT Staff Writer

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