25th Sep 2019 16:26
(Alliance News) - Dragon-Ukrainian Properties & Development PLC on Wednesday reported a slight drop in net asset value, as Ukraine's economy continues to recover.
Net asset value at June 30 was USD36.1 million, down slightly from USD36.2 million at the end of December.
During the six-month period, Dragon-Ukrainian's net gain from financial assets fell 74% to USD529,000, while the loss for the half was USD17,000 from a USD749,000 profit year-on-year.
The firm has a 13% stake in Arricano Real Estate PLC, which on Wednesday amended terms with three lenders. Retail Real Estate OU, which owns 55% of Arricano, said the firm will not have to repay short-term loans before December 2020.
Likewise, two other lenders, Bytenem Co Ltd and Barleypark Ltd, also said Arricano does not have to make repayments prior to December 2020.
Dragon-Ukrainian said on Wednesday the outlook for Arricano is positive, and it hopes for solid interim 2109 results.
Gross domestic product climbed 4.6% in the second quarter of 2019 in Ukraine, the company said, speeding up from 2.5%, after a significant contraction in 2014/2015 due to conflict in the east of the country.
Dragon-Ukrainian shares were untraded on Wednesday, having last been quoted at 10.00 pence per share. Arricano shares were also untraded, last seen at USD0.65.
By George Collard; [email protected]
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