18th Sep 2018 11:30
LONDON (Alliance News) - Real estate investor Dragon-Ukrainian Properties & Development PLC said on Tuesday it posted a drop in profit and net asset value for the first half of 2018.
DUPD reported a USD749,000 pretax profit for the six months to the end of June, down from USD1.4 million for the same period the year before, and its total net asset value at June 30 fell to USD33.7 million from the USD42.8 million at December 31.
The profit drop was due to a lower net gain from financial assets at fair value at USD2.0 million from USD2.2 million, coming from lower interest income and a lower gain on equity investment.
The net asset value fall was due to a distribution of USD9.8 million made to shareholders over the period, in line with DUPD's investment policy.
DUPD said the Ukrainian economy is still recovering from a deep slump since 2015, with the government progressing with structural reforms, including those affecting the business environment.
However, the company reiterated a continuation of the current unstable business environment could negatively affect DUPD's results and financial position.
Shares in DUPD were untraded on Tuesday, last quoted at 14.90 pence.