TK Development A/S reported unaudited consolidated earnings results for the first quarter ended April 30, 2014. For the quarter, the company reported net revenue of DKK 123.3 million against DKK 113.3 million for the same period in the last year. The revenue stems from the sale of projects, rental and fee in-come, etc. Operating profit was DKK 2.5 million against operating loss of DKK 7.7 million for the same period in the last year. Profit before tax was DKK 5.3 million against loss before tax of DKK 21.3 million for the same period in the last year. Profit for the period was DKK 7.3 million against loss of DKK 16.2 million for the same period in the last year. Basic and diluted earnings per share were DKK 0.1 against loss of DKK 0.3 for the same period in the last year. Cash flows from operating activities were DKK 15.1 million against DKK 32.0 million for the same period in the last year. This amount is mainly a combined result of the reduction in funds tied up in projects following project sales/accumulation of forward funding, interest and tax paid, as well as other operating items. Net interest-bearing debt amounted to DKK 1,515.5 million at April 30, 2014 against DKK 1,890.9 million at January 31, 2014. Return on equity was 1.9%.

The company reaffirmed earnings guidance for the fiscal year 2015. For the period, the management anticipates positive results of about DKK 40 million before tax, excluding discontinuing activities.