14th Aug 2020 18:58
(Alliance News) - Plaza Centers NV on Friday reported a narrowed interim loss but saw its property book value fall on continued realisations.
In the six months to June 30, Plaza Centers recorded a pretax loss of EUR7.3 million, narrowed from EUR10.8 million the year before.
The company's total revenue & gains rose to EUR1.5 million from EUR978,000.
In the first half, Plaza Centers recorded EUR2.4 million in property write-downs, compared to a EUR500,000 gain the year before.
The company's finance costs dropped, however, falling to EUR6.1 million from EUR10.3 million.
The company's total assets fell to EUR52.8 million at June 30, from EUR56.1 million at the end of 2019. The drop was blamed on the reduction in the value of its trading properties.
The book value of Plaza's trading properties decreased by EUR3 million to EUR37.4 million, due to disposals of land plots in Romania.
Executive Director Ron Hadassi said: "Our active focus has continued to centre on asset disposals, continuing efforts in connection with Casa Radio project in order to receive a government decision confirming to transfer the shares to AFI Europe NV as well as amendment of the PPP Agreement in line with the agreement signed with AFI Europe NV and realise the projects in India, generating cash flows, material cost cutting, tight budget control and the optimisation of the business with the aim of satisfying our obligations to our bondholders.
"In addition, we intend to request the bondholders' approval to postpone the repayment of the bonds from January 1, 2021 in order to allow us to continue with the realisation of the company' objectives. This remains our absolute priority for the next half of the year."
Shares in Plaza Centers were untraded in London on Friday but last closed at 30.00 pence each.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Plaza