May 23, 2018 / 7:52 AM / a year ago

UPDATE 1-Selvaag Bolig CEO says pressure returning to Oslo region's housing market

(Adds CEO comments from Q1 presentation)

May 23 (Reuters) - House builder Selvaag Bolig ASA said:

* Q1 IFRS operating revenue NOK 381 million ($46.93 million) versus NOK 456 million year ago

* Q1 IFRS adjusted ebitda NOK 50.7 million versus NOK 93.6 million year ago

* Q1 gross sales of 216 homes (238) with a sales value of NOK 788 million

* CEO Baard Schumann says housing market has recovered and upwards price pressure in and around capital Oslo is coming back after easing in 2017

* CEO says start of Q1 sales was slow and most of the 238 units sales in Q1 were made towards the end of the quarter

* CEO expects trend to continue and more deliveries in Q2 compared with Q1, peak of the year will be in Q4

* CEO expects good results and good margins in the quarters ahead

* Greater supply of homes (in total) in the second half unlikely to slow down the market -CEO

* If anything could slow down the housing market it will be the psychological effect of rate hikes, which the central bank has said could come later this year Source text for Eikon: Further company coverage: ($1 = 8.1191 Norwegian crowns) (Gdynia Newsroom, Ole Petter Skonnord, editing by Terje Solsvik)

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