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The board of directors of the housing developer Oscar Properties considers that the company needs to strengthen its working capital so that the company can continue with its operations and meet its obligations in the short and long term. These obligations include the implementation of ongoing and recently started projects, final projects in the final phase, day-to-day operations in general, and the reimbursement of accounts payable already past due.
This is indicated in the interim report. which premiered overnight through Friday. It also establishes that these obligations include the implementation of ongoing and recently started projects, final projects in the final phase, day-to-day operations in general, and the reimbursement of accounts payable previously due.
The company’s share price fell directly when trading began. The development was turbulent and slowed by a maximum of 15 percent, recovered slightly and fell to almost 10 percent after 30 minutes of trading.
The company shows an after-tax loss of SEK 24.9 million for the third quarter of 2020. Last year, there was a profit of SEK 133 million in the same period. Net sales amounted to SEK 7.7 million, compared to SEK 30 million last year in the same quarter.
Oscar Properties cash and cash equivalents amounted to SEK 32.9 million on September 30, 2020, compared to SEK 70.8 million in the same period last year.
Total interest-bearing liabilities due over the next twelve-month period amounted to SEK 870 million as of September 30.
However, of these, the SEK 312 million bond loan has been extended to 2023 and the remaining short-term liabilities are expected to be substantially settled in connection with the completion of the projects in 2021 and the sale of the property from the draft.
Read more: Oscar Properties buys properties in multi-billion dollar deals
Read more: How Oscar Engelbert built his luxury apartment empire
