Swedish property group SBB postpones Q1 report

STOCKHOLM (Reuters) -Swedish real estate group SBB, which is fighting not to succumb under mountains of debt, has postponed the release of its earnings report for the first quarter, it said on Thursday.

High debt, high interest rates and a wilting economy have hit many European property companies, with the sector in Sweden among the worst affected.

"It's about getting enough time to complete and quality-assure financial reporting in accordance with the new structure that the group has with three independent business areas," Finance Director at SBB, Daniel Tellberg, told Reuters.

SBB, which suffered credit rating cuts last month as it said it would buy back debt at a 60% discount to its original value, said in a statement it had pushed back the publication of its quarterly results to May 6 from April 26.

This is not the first time the company, which has racked up debts over the years after buying social properties such as schools and hospitals, has postponed its quarterly report.

SBB last year pushed back its earnings release for the third quarter twice to have more time to complete the report in line with the company's new decentralised structure, which includes separating its business areas into three.

(Reporting by Anna Ringstrom and Marie Mannes, additional reporting by Greta Rosen FondahnEditing by Alison Williams and Louise Rasmussen)