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Nordic Update

Oscar Properties reports huge losses in 2018

Publicerad: 15 februari 2019, 19:32

Oscar Engelbert Bild: Oscar Properties

Oscar Properties, the listed Swedish luxury housing developer has reported a loss of SEK 18.54 per share for the full-year 2018. The company lost a total of SEK 492.5 million (after tax) over the twelve months, compared to an after tax profit of SEK 350.5 million in the year before.

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The main reasons for the loss, SEK -255.5 million in Q4, are higher production costs in order to be able to complete new units on schedule, write-downs and a slower rate of sales. Moreover, the company lowered the prices of its unsold flats in order to get them sold.

Cash reserves amounted to SEK 101.7 million at the end of 2018.

Oscar Properties has been hit hard as the Swedish housing market has weakened over the past 18 months, especially in the luxury segment, and the company has a tough year ahead, CEO and founder Oscar Engelberg admits.

“Uncertainty remains in 2019 but we assume that it will be another very difficult year, and make our plans accordingly”, he writes in the full-year report.

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