German Real Estate Developers Report Rising Revenues, U-Blox Tumbles

Sarla Buch
24 Aug, 2018
New York City

Instone Real Estate jumped on higher fiscal revenues estimates. Kingspan reported better-than-expected results. WCM Beteiligungs net more than doubled on 40% jump in revenues. U-Blox tumbled on weak forecast.

[R]4:00 PM Frankfurt – Instone Real Estate jumped on higher fiscal revenues estimates. Kingspan reported better-than-expected results. WCM Beteiligungs net more than doubled on 40% jump in revenues. U-Blox tumbled on weak forecast.[/R]

In London trading, FTSE 100 index rose 8.40 to 7,571.62 and in Frankfurt the DAX index slid 5.95 to 12,359.63.

In Paris, CAC 40 index edged up 6.28 to 5,425.60.

Instone Real Estate Group NV jumped 5.4% to €22.97 after Germany-based residential and real estate developer reported revenues in the first-half ending in June soared 62.2% from a year ago to €148.4 million.

Net income in the period jumped to €0.6 million from €0.2 million in a year ago period.

The home builder said three new projects were approved with a total revenue of €173.2 million for 575 units and in the period 167 residential units were handed over valued at €66.8 million.

The builder forecasted fiscal 2018 revenue between €370 million and €400 million and operating profit in the range of €32 million to €37 million.

Kingspan Group Plc soared 8.2% to €42.60 after Ireland-based building materials provider reported revenues in the first-half ending in June jumped 15% from a year ago to €2billion.

Net income in the period soared to €146.7 million from €133.1 million in a year ago period and diluted earnings per share increased to €0.80 from €0.74.

“The company has some exciting growth opportunities in Latin America, southern Europe and India,” said chief executive officer Gene Murtagh.

WCM Beteiligungs und Grundbesitz AG slipped 1.7% €3.96 after Germany-based commercial real estate developer said revenues in the first-half ending in June surged 39.6% from a year ago to €109.6 million.

Net income in the period more than doubled to €170.9 million from €76.5 million in a year ago period and diluted earnings per share advanced to €1.65 from €1.05.

The real estate developer forecasted fiscal 2018 fund from operation to jump to between €130 million and €133 million.

U-Blox Holding AG tumbled 18.8% to 151.60 Swiss francs after Switzerland-based wireless semiconductors and modules maker reported revenues in the first-half ending in June increased 2.6% from a year ago to 199 million francs.

Net profit in the period jumped 39.4% to 25.1 million francs from 18 million francs in the same period a year ago and diluted earnings per share increased to 3.58 francs from 2.57 francs.

U-Blox forecasted fiscal 2018 revenues between 435 million francs and 445 million francs and operating profit in the range of 90 million francs to 100 million francs after weak deployment of Cat M1 and NB-IoT networks and the weaker conditions in China.