TK Development A/S reported unaudited consolidated earnings results for the first quarter ended April 30, 2017. For the quarter, the company reported net revenue of DKK 60 million against DKK 45.7 million for the same period in the last year. Operating profit was DKK 7.9 million against DKK 4.7 million for the same period in the last year. Profit before tax was DKK 0.1 million against loss before tax of DKK 4.1 million for the same period in the last year. Loss for the period was DKK 0.9 million against DKK 3.7 million for the same period in the last year. Negative return on equity was 0.3% against 1.1% a year ago. Cash flows from operating activities were a net outflow of DKK 64.0 million against net outflow of DKK 44.6 million a year ago. Net interest-bearing debt amounted to DKK 1,273.6 million at 30 April 2017 against DKK 1,086.1 million at 30 April 2016.

Management still expects a profit of DKK 100 million - DKK 120 million before tax for 2017/18, assuming a return on equity ratio of about 15% for the group's property development activities.