Suomen Hoivatilat Oyj announced unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company announced total revenue was EUR 3,994,000 compared to EUR 2,485,000 for the same period a year ago. Profit for the period was EUR 3,889,000 compared to EUR 3,101,000 for the same period a year ago. Operational result was EUR 1,664,000 compared to EUR 879,000 for the same period a year ago. Earnings per share, undiluted and diluted was EUR 0.15 compared to EUR 0.15 for the same period a year ago. Operational result per share was EUR 0.07 compared to EUR 0.04 for the same period a year ago. NAV per share was EUR 5.7 compared to EUR 4.57 for the same period a year ago. The improvement in operational profits was due in particular to growth in rental income.

For the year 2018, the company estimates that its revenue will be a minimum of EUR 17.5 million. The operating result is estimated to be about 40% of revenue. The fair value of investment properties at the end of 2018 is estimated to be at least EUR 340 million. The guidance is based on the assumption that, in 2018, the company will not make significant purchases or sales of finished investment properties, and that the market yields used in the valuation of real estate will remain as they are.

The company estimates that its revenue will increase by at least 30% per year in both 2019 and 2020. The operating result is expected to be 40% of revenue on average, with an average equity ratio of at least 35% in the period 2018­2020.