August 29, 2017 / 4:42 AM / 4 months ago

BRIEF-Property developer Solon's Q2 revenues, profit down year-on-year

Aug 29 (Reuters) - Solon Eiendom Asa

* Q2 operating profit nok 9.2 million versus nok 33.0 million

* Q2 revenue nok 78.0 million versus nok 253.7 million

* Says 257 units under construction (323) of which 88 percent were sold at end-quarter

* As a result of the current market dynamics, we are selective in our acquisitions, maintaining an opportunistic approach

* Housing sales were strong during the first half of 2017 for the projects that Solon delivers. Going forward we expect that the market for new housing will be more differentiated which will support the continued demand for the projects Solon Eiendom delivers with high quality and unique architecture

* Deal flow of new properties is maintaining momentum and the Company continues to see attractive opportunities to acquire new properties

* Solon Eiendom has invested strategically and the current land bank is sufficient to achieve our currents goals for the period to come Source text for Eikon: Further company coverage: (Reporting By Oslo newsroom)

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