21st May 2014 10:59
LONDON (Alliance News) - Eastern European Property Fund Ltd Wednesday said it narrowed its losses in the full year, boosted by value gains.
The closed-ended investment company domiciled in Guernsey posted a GBP526,000 loss for 2013, compared with a GBP2.6 million loss a year earlier. This was attributed to a net gain on the realisation of investment properties of GBP130,00, compared with a GBP2.5 million net loss in the previous period.
However total income, which incorporates rental income, fell to GBP1.1 million from GBP1.4 million in the corresponding period. Rental income fell as a result of the disposals of some of its income generating properties and vacating certain properties in preparation for sales.
Eastern European Property Fund said its net asset value at the year-end stood at GBP17.4 million compared with GBP19.4 million in the corresponding period, due to its property sales.
Post the year-end the company has sold two adjoining properties, the Yellow Building and Asamli Cumbain in Istanbul, Turkey for USD1.6 million.
Looking ahead, the firm said despite volatility in Turkey, both politically and economically, it is confident of achieving the disposal of the remaining properties held in Istanbul over the next twelve months.
Eastern European Property Fund shares were quoted down 0.8% at 66.99 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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