25th Sep 2018 18:38
LONDON (Alliance News) - Brack Capital Real Estate Investments NV on Tuesday said its first half loss widened due to a significant loss relating to its associates and joint ventures.
The real estate developer and investor recorded a USD36.5 loss for the six months to June end, versus a USD27.9 million loss the prior year.
The majority of this was attributed to a USD22.9 million share of the loss from its associates and joint ventures, compared to only USD9.8 million the prior year.
Brack Capital's gross rental income shrunk to USD10.1 million from USD7.9 million while service charge, management, and other income decreased very slightly to USD4.3 million from USD4.5 million.
The company's shareholders voted to de-list on the London Stock Exchange and re-list on Euronext Paris, but subsequently cancelled these plans as its listing application was still being considered.
Brack Capital said it intends to review its plans and, pending the review, to retain its Main Marklet listing in London.
Shares in Brack were untraded at EUR0.30 on Tuesday.