9th Mar 2015 09:41
LONDON (Alliance News) - Russia-focused property investor Raven Russia Ltd on Monday reported a significantly wider loss for 2014 as the company was hit by the turmoil in Ukraine and resulting sanctions imposed on Russia.
Raven said the depreciation of the ruble at the end of the year hit its balance sheet, and said it took a USD145 million hit from a fall in the value of its investment property and property under construction, compared to a USD55 million boost a year earlier.
This drove the company to a USD88 million loss for the year, compared to a USD4 million loss a year earlier.
The group said its underlying performance was ahead of expectations, with underlying earnings, stripping out the impact of the drop in the valuation of its property portfolio, up to USD66.7 million from USD60.3 million a year earlier.
The company said it will pay a final dividend of 3.5 pence per share, meaning its total dividend for the year will rise 20% to 6 pence.
Raven said the new year looks set to be a challenging one, with efforts made by the company to mitigate the impact of macroeconomic and political events affecting the Russian economy. The company said it is "naturally cautious" on 2015 given the uncertainties surrounding Ukraine, the oil price and the ruble.
Shares in Raven were down 1.5% to 43.83 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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