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Oscar Properties has announced an operating profit of -103 million SEK for the third quarter of 2018. The financial director of real estate developer, Lars Neret, is leaving his post immediately.
Oscar Properties has announced an operating profit of -103 million SEK for the third quarter of 2018 (96). Net sales for the quarter amounted to SEK 490 million (615).
"In addition to the changing market conditions, the result is largely due to the fact that we have taken into account the cost of the rebate on all the dwellings included in our current sales campaign." in particular cuts housing prices delivered in 2018 "writes Oscar Engelbert in the words of his CEO.
He further stated that the company had revised its cost projections in the Nybrogatan 19 and Bageriet projects "in order to ensure that they were ready in time, two extremely difficult conversion projects".
Profit after tax was SEK -130 million for the third quarter of 2018 (67), which corresponds to earnings per share of SEK -4: 94 (2:11).
Over the past year, with increased focus in recent months, Oscar Properties has taken control of costs in its construction sector.
"To improve profitability, one has to become a better project manager, find better contractual structures for the construction companies with which we work and bring with us more experience from the completed construction to new ones," writes the General Manager Oscar Engelbert, adding that the company had "strengthened" the team through new appointments ".
Oscar Properties sold 15 residential properties in the last quarter (22) and, at the end of September, 963 residential properties were in operation (1,114 at the end of the year). The company did not start building any housing during the third quarter. 86% of homes in production are sold under contract.
"The migration started in the Northern Tower and 79 & Park," Oscar Engelbert also pointed out in the third quarter.
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