30th Mar 2015 10:31
LONDON (Alliance News) - Eastern European property developer Kimberly Enterprises NV on Monday reported a wider pretax loss for 2014 on the back of the negative revaluation of properties in its investment portfolio.
The company said its pretax loss widened to EUR10.4 million in the year, from a EUR7.6 million loss in 2013. The increased loss was driven by a EUR1.7 million fall in the value of its investment property, compared with a EUR172,000 gain the year before. The negative revaluation relates to one of the company's properties in Serbia.
"Kimberly is focusing on realising the assets that are part of the joint ventures with Heitman, concluding the sales of apartments in finished projects in Prague and Warsaw in order to strengthen the company's cash position," said Assaf Vardimon, Kimberly's chief executive.
Kimberly Enterprises shares were untraded on Monday, having last traded at 0.275 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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