25th May 2016 11:41
LONDON (Alliance News) - Central and eastern Europe property developer Kimberly Enterprises NV on Wednesday said its net asset value was flat in the first quarter.
Kimberly said its net asset value per share for the three months to the end of March was EUR0.48, flat against the end of 2015.
Revenue in the quarter was EUR1.5 million, while its pretax loss in the quarter was EUR472,000. That compares to revenue of only EUR33,000 a year earlier and a pretax loss of EUR3.7 million, which had been hit by foreign exchange losses.
Since January 2011 the company has been in breach of an obligation to make lease payments on Marina Dorcol in Belgrade. As at the end of March, it was in breach of EUR33.9 million and, since then, has reached its obligation by a further EUR100,000.
Kimberly said it is currently in the process of negotiating with the municipality of Belgrade to restructure the arrangement.
Shares in Kimberly were down 29% to 0.49 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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