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Real estate developer JM sees a housing market "still pending" in Stockholm, although stabilization occurred in the second quarter.
Johan Skoglund writes in the interim report of the CEO.
"The standby market is particularly relevant for the production of new homes Customers tend to sign contracts from the start, but they have increased slightly during the quarter," he continues.
Given the decline in sales and the number of houses put into production in Stockholm, the production volume is decreasing. "We expect further production start-ups in the second half of the year, which will require continued stabilization of the housing market and production processes. stable planning. Production in Stockholm in the second quarter is supported by a normal booking level, where profitability is still good "Johan Skoglund writes
For B In Stockholm, second quarter sales of SEK 1 530 million (1 878) were 3% lower than forecast by SMEs, while operating profit of SEK 250 million (363) was 12% lower than forecast. operating margin of the business area of 16.3% (19.3%) was significantly below 18.0%.
According to Johan Skoglund, the housing supply in Stockholm is "relatively high".
He adds that "competition for land has decreased slightly" in the rest of Sweden.
While the results of the Stockholm unit underperformed expectations, the Riks and abroad eclipsed positive operating margin and operating profit
Regarding overseas operations, the CEO says that the level of housing activity has been good in Norway "with slightly higher prices". The housing market in Finland was stable during the second quarter, "he writes.
JM's operating profit was SEK 504 million in the second quarter. reduction by the JM Group of initial units and sold to 847 (906) and 619 (871) was not as significant as according to the consensus of SMEs.
The turnover and profit of 39 exploitation are consistent with JM sectorial information
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