13th Mar 2015 08:56
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd Friday said its pretax loss narrowed in 2014, but said its net asset value fell during the period after some asset disposals, which also impacted earnings per share.
The property investment company focused on commercial, industrial, retail and logistics sectors in France and Spain reported a pretax loss of GBP3.8 million, narrower than the GBP7.2 million loss reported in 2013.
Earnings per share for the year ended December 31 was a 9.8 pence loss per share, wider than the 4.7 pence loss per share recorded a year earlier.
The company's loss narrowed after the company secured its maiden revenue during the period, totalling GBP19.4 million. However this was offset by a significant rise in finance costs, which increased to GBP14.1 million from only GBP206,000 a year earlier, combined with higher costs and less finance income.
"Earnings have been impacted by a combination of revenue losses due to asset disposals, mainly Vitry and Gennevilliers, and tenants' breaks, together with increased finance charges following the financing of the hedge liability in November 2013," said Chairman Dick Kingston.
The company's net asset value fell to GBP3 million at the end of December from GBP15 million at the end of 2013, or 2.5 pence per share from 12.7 pence per share.
"The decrease in the period is primarily due to the revaluation of investment properties combined with the loss incurred in the period and adverse foreign exchange effects," said Alpha.
Alpha shares were down 22% to 1.75 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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