Öresund (The Sound strait region) focused Wihlborgs Fastigheter AB (STO: WIHL) started a run of Swedish real estate firms reporting quarterly results. The company reported second quarter profit of 175 million SEK, a 17% improvement compared to 2010.
Property management produced a record revenue of 173 million SEK. Rental income was up 14% as well to 727 million SEK. The company has entered into new derivates contracts aiming to reduce interest rate expenses.
Population is growing and employment picking up in the region consisting of among others cities of Copenhagen, Malmö, Helsingborg and Lund thus providing for a decent future outlook. Conditions for property acquisitions and expansion are good. The situation for the company in Sweden is far better than in Denmark. Wihlborgs is relatively unchanged since the report.
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