31st May 2019 16:01
LONDON (Alliance News) - Dragon-Ukrainian Properties & Development PLC on Friday reported a significant reduction in net asset value.
For 2018, the real estate investment firm focused on the market in Ukraine, reported NAV of USD36.2 million, down from USD42.8 million reported the prior year.
More positively for Dragon-Ukrainian, it recorded a USD3.2 million gain from operating activities in 2018, versus a USD4.9 million loss in 2017. Operating expenses were in line with the 2017's levels, with the exception of management fee, which was reduced by 17%.
"As the dynamics of the real estate market in Ukraine will continue to depend on the pace of economic reforms and recovery as well as improvement in investor and consumer sentiment, we will remain committed to Dragon-Ukrainian's investment policy, focusing on the monetization of our existing properties as quickly and effectively as the market conditions allows," Chair Mark Iwashko said.
Dragon-Ukrainian shares were untraded at 9.00 pence each on Friday afternoon.