Press release
Gateway Real Estate with positive profit after tax of EUR 8.3 million in Q1 2020
- EBIT adjusted tripled to EUR 22.7 million in the first quarter
- Profit after tax was positive in Q1 2020 and reached EUR 8.3 million (prior-year period: EUR -2.8 million), and correspond to earnings per share of 0.04 EUR
- GDV (gross development volume) of approximately EUR 5 billion
Frankfurt am Main, 29 May 2020. Gateway Real Estate AG (WKN A0JJTG / ISIN DE000A0JJTG7), one of Germany's leading listed developers of commercial and residential real estate, was able to continue its positive fiscal year 2019 in the first quarter 2020 and continues its dynamic growth path. The company generated an EBIT adjusted of EUR 22.7 million in the first three months of 2020, which is a triplication in comparison to prior-years period (Q1 2019: EUR 7.0 million).
Profit after tax in the Q1 2020 amounted to EUR 8.3 million (Q1 2019: EUR -2.8 million) and correspond to earnings per share of 0.04 EUR respectively (prior-year period: -0.02 EUR).
GDV (gross development volume) amounted to approximately EUR 5 billion at the end of the first quarter.
Manfred Hillenbrand, CEO der Gateway Real Estate AG, comments: "The Q1 2020 results demonstrates that the company was able to seamlessly continue the strong business performance of the prior fiscal year in the first weeks and months of the year 2020." He adds "due to the COVID-19 pandemic, we do not see any effects on our construction sites and the projects currently in the realization phase are progressing as planned. However, we have observed for example that sales processes are delayed but currently anticipate that this is merely a time lag."
The company is well positioned and the Group's pipeline is very strong due to project purchases made in the last fiscal year. The outbreak of the covid-19 pandemic led to radical changes in social and business life and the current situation of the economy and the society is dominated by large uncertainties. Unchanged, Gateway observes the current development very closely, analyzes the circumstances, risks and opportunities within the framework of the implemented risk management system and manages its decisions based on the results. Accordingly, a forecast for 2020 will be issued once this is reasonably possible.
About Gateway Real Estate
Gateway Real Estate AG is a leading listed developer of commercial and residential real estate in Germany (WKN: A0JJTG / ISIN: DE000A0JJJTG7). The company has a broadly diversified portfolio, excellent market access and a well-filled project pipeline. In this way, the company achieves sustainable and profitable growth. The Group is currently developing real estate with an estimated gross development volume (GDV) of around EUR 5 billion.
Further information: https://gateway-re.de/en/
Contact
Sven Annutsch
The Squaire No. 15, Am Flughafen
60549 Frankfurt am Main
T +49 (0) 69 78808800 0
F +49 (0) 69 78 80 88 00-99
E-Mail: sven.annutsch@gateway-re.de
29.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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