11th Sep 2015 07:56
LONDON (Alliance News) - Eastern European Property Fund Ltd on Thursday posted a wider pretax loss for the first half due to valuation losses on its portfolio, as it continues to work to sell its remaining assets.
The fund said its pretax loss in the six months to the end of June was GBP929,000, widened from GBP866,000 a year earlier as a rise in its rental income to GBP336,000 from GBP269,000, driven by it receiving back-dated rental payments, was offset by the valuation of its property portfolio falling.
Eastern European Property said its net asset value on June 30 was GBP15.5 million, or 99.56 pence per share, down from GBP16.4 million, or 105.36p per share, on December 31 and GBP15.8 million, or 101.66p, on June 30, 2014
The company sold a number of units in the Nil Passage property in Turkey in the half and said its four remaining properties continue to be marketed for sale, as it looks to distribute all the proceeds from the sales to its shareholders.
The group said it has seen good interest in its two properties in Istanbul but has yet to receive any solid offers for its properties in Sofia in Bulgaria and Bucharest in Romania.
Shares in Eastern European Property were untraded Friday morning, having last traded at 54.90 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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