Ovaro Kiinteistösijoittu sees positive profit figures

Ovaron improved its results compared to the previous period, with a focus on project development. Avaro Real Estate Investment saw a decrease in turnover to 1238 thousand euros from 1408 thousand euros in the comparison period. However, EPRA’s operational result improved to 80 thousand euros from a loss of 187 thousand euros in the comparison period. The company’s overall result for the period was 60 thousand euros, an improvement from a loss of 204 thousand euros a year earlier.

The results reported are typically weaker in this quarter compared to others, with real estate taxes of 330 thousand euros recorded for the entire year in 2024. Additionally, there were refunds of property tax collected in excess in previous years for a property in Hervanta totaling 220 thousand euros. The company also entered into a preliminary real estate transaction agreement for the sale of a portion in Tampere’s Hervanta, with a purchase price of 2.2 million euros pending certain conditions.

Earnings per share improved to EUR 0.01 from a loss of EUR 0.02 in the previous year. Ovaro Kiinteistösijoitus expects the results for the 2024 financial year to be an improvement from 2023. Managing director Marko Huttunen stated that despite a modest result in a seasonally weak period, significant progress was made in project development. The company took advantage of its strong financial position to make acquisitions, develop new real estate investments, and pay dividends to shareholders.