19th Aug 2015 17:22
LONDON (Alliance News) - Shopping and entertainment centres developer Plaza Centers NV Wednesday said its pretax loss narrowed in the first half of 2015 as it booked lower charges and impairments.
The Central and Eastern Europe-focused firm reported a pretax loss in the six months ended June 30 of EUR35.7 million, lower than the EUR98.7 million loss it made in the first half of 2014, as it reduced costs related to finance, restructuring and the disposal of trading properties, which were significantly higher the prior year.
Plaza Centers added that revenue from operating shopping centres fell to EUR9.8 million from EUR11.7 million, however, due to the disposal of Kragujevac Plaza in Serbia.
"Clear progress has been made across the business in the first half of 2015 and this builds on extensive efforts by the company over recent years as part of the restructuring plan. That said, there still remains a lot to achieve as focus continues on delivering value to our stakeholders," the company said in a statement.
"As we look ahead, the economies and markets where we operate remain favourable with a strong consumer confidence backdrop," it added.
"With the clear support of shareholders and bondholders, our expert management team together with the generally improving market conditions mean we can look forward to Plaza's future with confidence," Plaza Centers said.
Shares in Plaza Centers were untraded on Wednesday, last trading at 3.25 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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