November 9, 2017 / 8:41 AM / a month ago

Selvaag Bolig posts lower earnings, alters dividend outlook

OSLO, Nov 9 (Reuters) - Home builder Selvaag Bolig posted lower year-on-year third-quarter earnings on Thursday and changed its dividend policy.

* Now aims to pay dividends of “minimum 40 per cent” of net annual profit, vs earlier goal to pay “up to 50 per cent”

* Q3 revenue NOK 379​ million vs year-ago 387 million

* Adjusted EBITDA NOK 44.9 million vs year-ago 92.2 million

* “The population is growing, and the towns are attracting ever more residents. That has created a big demand for new homes in and around the urban centres. Combined with low interest rates on residential mortgages and limited unemployment, this means we expect sales of new homes to grow in 2018 and 2019.”

* Says has entered into an agreement to buy sites associated with the Bjerke Travbane race track, one of the best remaining development plots in Oslo. This acquisition could provide more than 1,500 homes.

* Shares trade 2.6 percent lower for the day at 0835 GMT vs 0.6 percent decline in the Oslo benchmark stock index

For more on the company, click on (Reporting by Terje Solsvik, editing by Henrik Stolen)

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