SBB in Sweden reports Q3 2023 pre-tax loss of $ 287 mn

14 Nov 2023 CW Team

In the third quarter, the Swedish property group SBB, burdened by debt, announced a widened pre-tax loss. The company, which possesses properties throughout Sweden, including hospitals and care homes, disclosed a pre-tax loss of 3.13 billion Swedish crowns for ongoing operations, in contrast to a loss of a revised 2.56 billion crowns the previous year.

This result fell short of the expectation of a 2 billion-crown loss projected by Carlsquare analyst Bertil Nilsson. SBB's shares experienced a 6% decline in early trading.

During the quarter, the company reduced its property values by 3.52 billion crowns, a move prompted by analysts' warnings about the ongoing pressure on property values due to high interest rates. The combination of substantial debts with impending maturities, escalating interest rates, and a weakening economy has created a problematic situation for Sweden's commercial property companies. Over the past year, many, including SBB, have witnessed downgrades in their credit ratings to junk.

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