Swedish landlord SBB rules out state support as cash dwindles | Business

The $13 billion group, which owns swathes of property across Sweden, including hospitals and schools, racked up a pre-tax loss of 11.1 billion Swedish crowns in the second quarter, while its cash reserves shrank.

As of June 2023, the company had around 1.9 billion Swedish crown of cash and equivalents, less than half the level in December, when cash stood at 4.85 billion Swedish crowns. "When management were questioned on the book value versus disposal value of properties, Investor Relations cut off the analyst," said Fraser Perring of Viceroy Research, a short-seller in SBB that has published research critical of the company.

The group built up vast debts buying public property including social housing, government offices, schools and hospitals. SBB's problems are unfolding as Sweden struggles to contain a wider property crisis, with high debts, rising interest rates and a wilting economy producing a toxic cocktail for Sweden's commercial property companies.

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

BRICS Business Council confirms 22 heads of state set to attend summitThe head of business in the council Stavros Nicolaou, however, said the council would not be drawn into any geopolitics events. This amid speculation of Russian President Vladimir Putin's attendance.
출처: ewnupdates - 🏆 30. / 53 더 많은 것을 읽으십시오 »

Rice price hike fears as India, SA's second biggest supplier, considers banning most exports | BusinessIndia, the world’s biggest rice shipper, is considering banning exports of most rice varieties, a move that may send already lofty global prices of the food staple higher as the disruptive El Niño weather pattern returns. | News24_Business
출처: News24 - 🏆 4. / 80 더 많은 것을 읽으십시오 »