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Jelmoli announces leap in profit

Jelmoli's store in Zurich

(Keystone Archive)

The Jelmoli group, which is active in the retail and real estate businesses, announced on Tuesday a 50 per cent increase in net profit for the first six months of the year over the same period last year at SFr52.2 million ($30.89 million).

In a statement from its headquarters in Zurich, Jelmoli said operating income rose by 88.1 per cent from SFr35.4 million to SFr66.6 million.

The group's retail businesses of Jelmoli Zurich, Dipl. Ing. Fust and Portable Shop contributed SFr4.2 million of the increase (+30 per cent).

Real estate operating income rose by SFr27.7 million (+104 per cent), mainly due to property value appreciation.

Jelmoli said that about one quarter of the rise in net profit was attributable to retail and three quarters to real estate business.

It added that in view of the higher personal spending power at the beginning of 2001 and a further rise likely, lower unemployment figures and falling interest rates, the positive development of Swiss retail trading turnover was expected to continue.

swissinfo with agencies

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