Gothenburg, April 22, 2002

Income from property management continued strong during the first quarter

Net income after tax for the period amounted to SEK 162 million equivalent to earnings per share of SEK 3.95 – an increase by 27 % compered with the first quarter previous year.

Income from property management improved 20 % to SEK 110 million equivalent to SEK 2.68 per share.

During the period, 15 properties were sold at a total of SEK 305 million with a capital gain of SEK 113 million.

The income from property management, i.e. the net income excluding capital gains from property sales and tax, amounted to SEK 110 million, equivalent to SEK 2.68 per share, which is an improvement of 20 % compared with the same period previous year. The improvement has been achieved mainly through increased rental levels and effects of realized investments.

During the period January-March 2002, properties were sold for a total of SEK 305 million, with a capital gain of SEK 113 million compared with SEK 83 million during the corresponding period previous year. The investments during the period amounted to SEK 182 million compared with SEK 444 million during January-March 2001.

The net income after tax for January-March 2002 amounts to SEK 162 million compared with SEK 128 million during the corresponding period previous year. Earnings per share were SEK 3.95. The cash flow from property management exclusive of capital gain from property sales was SEK 138 million equivalent to SEK 3.37 per share.

- "The positive earnings trend in our current management goes on", comments Castellum’s CEO, Lars-Erik Jansson. "Continuing good net leasing and good outcome on renegotiations carried out during the period shows a stabile and positive rental market on Castellum's market sections", adds Lars-Erik Jansson.


Enclosed: 

Interim Report January - March 2002

For further information, please contact
Lars-Erik Jansson, CEO, Phone +46 31 60 74 00 / mobile +46 705-92 06 70.

Håkan Hellström, CFO/deputy CEO, Phone +46 31 60 74 00 / mobile +46 705-60 74 56.