Liven AS reported increased market share and revenue, while net profit was impacted by expenses

From GlobeNewswire: 2024-07-31 02:30:00

The residential property market saw signs of renewed optimism in the second quarter with 47 contracts signed, up from previous quarters. Liven’s market share increased to around 10%, with a weekly sales ratio consistently above 1%. Despite revenue of EUR 8,546 thousand, net profit was EUR 443 thousand due to income tax expenses.

A total of 29 new homes were handed over in the quarter, impacting revenue and net profit. Assets increased by EUR 5,250 thousand, with borrowings increasing by EUR 4,392 thousand. Cash and cash equivalents rose to EUR 8,530, but equity decreased by EUR 138 thousand. The customer satisfaction rating remained stable at 8.0 out of 10.

Key events in development projects included the adoption of a spatial plan, start of construction for phase II of Iseära, and agreements for financing. Liven held its AGM, approving annual reports and dividend distribution. A public offering of green bonds saw oversubscription, with a fixed interest rate of 10.5% per annum. Negotiations for property acquisition are ongoing.

The 6-month Euribor rate saw a slight decrease to 3.682% at the end of the second quarter, with further decline after the reporting date. The ECB cut the base rate by 25 basis points in June. Markets expect the ECB to take further action in response to economic developments.



Read more at GlobeNewswire:: Liven AS – consolidated unaudited interim report for the II