Just over half of the loss relates to write-downs of the value of properties and it can be compared with the loss of SEK 2.6 billion a year earlier.
Rental income fell to 1.7 billion, from 1.9 billion. This was in line with the average forecast among analysts, according to a compilation of forecasts made by Bloomberg.
“The underlying business remains stable and for comparable stock, rental income increased by 9.5 percent compared to the corresponding period last year,” CEO Leiv Synnes writes in a comment.
He adds that the economic letting rate increases to 96.3 percent, against the previous 95.1 percent and that the vacancies are mostly planned due to ongoing projects.
Selling real estate
Debt-laden SBB announced on Thursday evening that the company has entered into so-called declarations of intent with existing tenants to sell properties for over three billion kroner – in line with the property company’s crisis strategy to strengthen the balance sheet with the sale of assets.
“The company has launched several parallel processes to strengthen the company. The goal is to strengthen both liquidity and solvency,” writes Synnes.
Lost two thirds of the market value
The large loss is largely explained by changes in the value of properties of 5.9 billion and a currency shock of 1.6 billion. Value changes on financial instruments is another heavy loss item of 750 million.
As a result of the crisis, SBB has lost two-thirds of its market value since the turn of the year.