Intershop Reports Steady Performance in First Half of 2024

Intershop Holding AG has released its half-year results for 2024, showing a solid business performance. The company reported a net profit of CHF 52.7 million, nearly equal to the CHF 52.8 million noted in the first half of 2023. Net rental income saw a marginal increase to CHF 36.8 million, attributed mainly to index adjustments and lower vacancy rates.

Key achievements include reducing the vacancy rate for investment properties to 6.9% and realizing changes in property value gains of CHF 22.4 million. The value of the real estate portfolio increased to CHF 1,438.6 million, bolstered by rental increases and successful lettings.

Property expenses decreased by 2.1% to CHF 4.2 million, but financial expenses rose by 18% to CHF 3.4 million due to higher debt and interest costs. Administrative expenses also grew by 18.8% due to increased consulting costs.

Looking ahead, Intershop expects continued positive developments in rental income and vacancy rates, with anticipated profits from property sales ranging between CHF 10 million and CHF 20 million before tax. The company also plans to transition to CBRE Zurich Ltd as its independent property appraiser in 2025.