Consolidated income statement
| In CHF 1,000 | Note | 1st half 2019 | 1st half 2018 | 
| Revenue | 2, 3 | 98,615 | 97,852 | 
| Direct expenses | 2 | –11,223 | –12,433 | 
| Personnel expenses | 2 | –52,695 | –53,666 | 
| Other operating expenses | 2 | –11,818 | –12,116 | 
| Operating profit before revaluations, disposal of properties, depreciation and amortisation | 
 | 22,879 | 19,637 | 
| 
 | 
 | 
 | 
 | 
| Income from revaluations | 9 | 27,605 | 2,687 | 
| Income from disposal of properties | 4 | 6,730 | 7,882 | 
| Operating profit before depreciation and amortisation (EBITDA) | 
 | 57,214 | 30,206 | 
| 
 | 
 | 
 | 
 | 
| Depreciation and amortisation | 
 | –1,207 | –996 | 
| Operating profit (EBIT) | 
 | 56,007 | 29,211 | 
| 
 | 
 | 
 | 
 | 
| Financial income | 5 | 4,954 | 77 | 
| Financial expenses | 5 | –2,241 | –1,784 | 
| Financial result | 5 | 2,714 | –1,708 | 
| 
 | 
 | 
 | 
 | 
| Profit before taxes | 
 | 58,721 | 27,503 | 
| Income taxes | 6 | 53,182 | –5,797 | 
| Net profit | 
 | 111,903 | 21,706 | 
| Of which attributable to Investis Holding SA shareholders | 
 | 111,848 | 21,715 | 
| Of which attributable to non-controlling interests | 
 | 55 | –9 | 
| 
 | 
 | 
 | 
 | 
| Earnings per share in CHF (basic/diluted) | 7 | 8.80 | 1.70 | 
The disclosures in the notes form an integral part of the consolidated financial statements.