20th Sep 2013 07:32
LONDON (Alliance News) - Eastern European Property Fund Limited Friday said it swung to a profit for the first half, buoyed by a revaluation of its properties and gains on disposals.
The property investors reported pretax profit of GBP1.6 million for the period ended 30 June, after a GBP1.0 million loss a year earlier. It booked a revaluation gain on investment properties of GBP1.3 million, compared with an unrealised loss of GBP800,000 last year. It also booked a gain on disposals GBP400,000, compared with a loss of GBP200,000 in 2012.
However, revenue declined to GBP559,000 from GBP776,000, as total rent receivable decreased to GBP535,000, from GBP736,000 in 2012.
The company's property valued stood at GBP20.4 million, up slightly from GBP20.1 million for the same period last year, despite the sale of two properties for a total of GBP2.2 million. Both properties were sold above their December carrying values.
Net asset value dipped slightly to GBP19.7 million, compared with GBP21.2 million in 2012.
The stock last traded at 245.5 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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