The commercial real estate-heavy sector remains the hallmark of Intra accounts.
The issue is updated.
On Tuesday, Intra presented the figures for First Quarter.
- The pre-tax result was minus NOK 1.3 billion, compared to minus NOK 70 million last year.
- Rental income amounted to NOK 878 million, compared to NOK 872 million last year.
- The result of real estate operations ended with NOK 325 million, compared to NOK 391 million last year.
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Several billion losses
The company writes that the numbers were affected by real estate sales, higher interest costs and negative changes in value. The latter amounted to NOK 1.6 billion in the quarter, down from minus NOK 451 million last year.
The commercial real estate sector is characterized by uncertainty in light of high interest rates. In the fourth quarter, it pushed Intra to a loss of NOK 3.2 billion.
For the full year 2023, the pre-tax result ended at negative NOK 6.9 billion.
Intra points to fundamentals in the wool and office rental market as solid.
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Projected profits
In 2023, Intra sold parts of the portfolio and took significant write-downs to combat the turmoil. Dividends also fell.
The market capitalization of the shares now stands at NOK 19.5 billion. Tuesday's share price of NOK 107 has fallen sharply from NOK 224 in summer 2021.
The company's two largest shareholders are Swedish real estate companies Castellum and Balder, according to E24's investor lists.
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