TK Development A/S announced unaudited consolidated earnings results for the third quarter and nine months ended October 31, 2015. For the quarter, the company reported net revenue of DKK 106.4 million against DKK 44.0 million a year ago. Operating loss (LBIT) was DKK 169.9 million against DKK 32.4 million a year ago. Profit before tax and writedowns, etc. was DKK 15.1 million against loss of DKK 19.1 million a year ago. Loss before tax was DKK 177.5 million against DKK 48.8 million a year ago. Loss for the period was DKK 204.9 million against DKK 46.3 million a year ago. Loss per diluted share was DKK 2.1 against DKK 0.5 a year ago. Negative cash flows for the period was DKK 4.9 million against DKK 1.9 million a year ago.

For the nine months, the company reported net revenue of DKK 274.5 million against DKK 238.3 million a year ago. Operating loss (LBIT) was DKK 179.6 million against DKK 23.4 million a year ago. Profit before tax and writedowns, etc. was DKK 13.9 million against loss of DKK 9.7 million a year ago. Loss before tax was DKK 180.7 million against DKK 44.0 million a year ago. Loss for the period was DKK 212.1 million against DKK 39.3 million a year ago. Loss per diluted share was DKK 2.2 against DKK 0.4 a year ago. Cash flows from operating activities was DKK 30.1 million against cash flow used in operating activities of DKK 33.6 million a year ago. Negative return on equity was 20.1% against 3.4% a year ago. Net interest-bearing debt at the end of period was DKK 985.9 million against DKK 1,357.5 million at the end of same period last year.

The previous profit estimate for 2016 before tax, excluding discontinuing activities, has been adjusted downwards by DKK 140 million to about loss before tax of DKK 100 million. Consolidated loss for 2016 is expected to total about DKK 190 million before tax.

Consolidated results for 2017 are expected to total DKK 10 million to DKK 30 million before tax.

The return on equity from property development is expected to amount to 15%-20% per annum before tax as from the 2018 fiscal year.

For the fiscal 2016, the company expects impairment of plots of land in Poland of DKK 45.3 million; impairment of plots of land in the Czech Republic of DKK 35.0 million and impairment of goodwill of DKK 33.3 million.