Selvaag Bolig - Another strong quarter for Selvaag Bolig
Housing demand in Norway remained strong during the second quarter of 2012, and Selvaag Bolig sold a total of 243 homes with a combined value of NOK 834 million. It had 1 059 homes under construction at 30 June, of which 86 per cent were sold. The combined sales value of units under development is estimated at just over NOK 3.3 billion.
Selvaag Bolig reported operating revenues of NOK 494 million for the second quarter, compared with NOK 65 million in the same period of 2011.
Operating profit came to NOK 59 million, compared with an operating loss of NOK 16 million in the second quarter of last years.
Figures for the two periods are not directly comparable, since the company earlier owned projects primarily through affiliates.
"The housing market continued to develop positively in the second quarter, and we're experiencing strong demand for new homes in all our projects," says chief executive Baard Schumann at Selvaag Bolig.
"We have a good order backlog and, based on planned sales starts in the future, also expect a high level of sales during the second half."
Sales started during the quarter in six projects embracing a total of 343 homes. Construction began on 118 units, and 187 were completed. A total of 176 housing units were delivered, including 153 in wholly owned and 23 in part-owned projects.
For further information, please contact:
Baard Schumann, CEO, Selvaag Bolig ASA
Mobile: +47 94 08 00 00, e-mail: bas@selvaagbolig.no
Haavard Rønning, CFO, Selvaag Bolig ASA
Mobile: +47 40 02 00 19, e-mail: hroe@selvaagbolig.no
About Selvaag Bolig
Selvaag Bolig ASA is a residential developer that provides different housing concepts to suit aspirations of different households in and around main cities in Norway and over time in selected cities in Scandinavia. The Company's prime focus is the Greater Oslo area, Stavanger, Bergen and Stockholm; areas with large and growing populations. The Company acquires and develops new residential land plots, and controls the entire value chain from acquisition of the land plots to the sale and delivery of the residential units. The Company targets a delivery of 1,500 residential units per year, and has a land portfolio on which it can develop approximately 9,000 residential units. Selvaag Bolig targets broad customer groups through the residential living concepts Selvaag Start, Selvaag Hjem and Selvaag Pluss. The Company is headquartered at Løren in Oslo.