Prime Tower Owner Net Drops as Swiss Property Bubble Looms
This article is for subscribers only.
Swiss Prime Site AG, Switzerland’s largest listed real estate manager, said first-half profit slid 38 percent because an accounting gain wasn’t repeated.
Net income dropped to 137.2 million francs ($149.5 million) from 222.3 million francs a year earlier, the Olten, Switzerland-based company said in a statement today. The previous figure was boosted by a 22.5 million-franc gain stemming from the application of new accounting standards for valuing property portfolios.