Park Street Nordicom A/S announced unaudited consolidated earnings results for the first half ended June 30, 2018. For the period, the company reported net sales of DKK 85,375,000 compared to DKK 82,026,000 a year ago. Operating profit (EBIT) was DKK 56,993,000 compared to DKK 48,296,000 a year ago. Earnings before value adjustments (EBVAT) were DKK 41,390,000 compared to DKK 2,071,000 a year ago. Profit before tax was DKK 41,390,000 compared to DKK 59,281,000 a year ago. Profit for the period was DKK 37,221,000 or DKK 1.1 per diluted share compared to DKK 52,654,000 or DKK 4.42 per diluted share a year ago. Total cash flow from operating activities was DKK 40,402,000 compared to DKK 5,255,000 a year ago. The increase is due primarily to lower financial expenses (decrease of DKK 27.6 million) and higher EBIT in the 1st half of 2018 (increase of DKK 8.6 million). Purchases of other property, plant and equipment were DKK 1,125,000 compared to DKK 138,000 a year ago. Return on equity was 10.10%. The improvement in EBVAT is primarily due to the reduction of financial expenses from reduced financial debt and lower cost of financing concluded with the recapitalisation of the company in February 2018 and slight increase in the Gross Profit together with a reduction of the overhead costs. Improvements to investment properties was DKK 839,000 against DKK 5,686,000 a year ago.

The company's expectations for EBVAT (earnings before value adjustments and tax) at year-end 2018 is DKK 80 million to DKK 85 million, before the inclusion of profits generated in the sale of a property (in August 2018) and revaluation of investment properties due to the selective redevelopments that the Group is performing.