12th Sep 2013 10:37
LONDON (Alliance News) - Secure Property Development & Investment PLC Thursday said losses narrowed sharply in the first half of the year as it cut costs, raised rents, and improved occupancy at its main revenue-earning property in Kiev.
The company, which invests in commercial and residential property in Eastern Europe, said its pretax loss in the six months to end-June was USD569,979, down from a loss of USD2.2 million a year earlier, and it swung to an operating profit of USD239,130.
It cut operating expenses to USD1.4 million, from USD2.1 million, while operational income rose to USD1.8 million, from USD757,502, primarily due to a 20% increase in occupancy at its Terminal Brovary property in Kiev. Average rent levels across its portfolio were up 11.5%, while the average length of tenancy grew to about 2.5 years, from 1.5.
The stock last traded at 67.5 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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