30th Sep 2014 10:25
LONDON (Alliance News) - Secure Property Development and Investment Ltd Tuesday said its losses widened in the first-half, as it was hurt by foreign exchange losses.
The south east Europe-focused property investor posted a pretax loss of USD2.7 million for the six months to June 30, compared with a USD569,979 loss a year earlier.
The company benefited from a USD536,068 gain on an acquisition during the period, however, it was severely hampered by foreign exchanges losses amounting to USD20.0 million compared with just USD25,399 a year earlier.
Secure Property said its net asset value stood at USD50.7 million at June 30, down from USD52.2 million at the end of December, but up from USD50.2 million in June 2013. The fall was blamed on a foreign exchange loss on the Terminal Brovary Logistics Park in Ukraine.
At an operating level, the company completed the acquisition of Innovations Logistics Park in Romania for EUR12.6 million, said the company. This asset contributes an annualised net operating income of around USD1.8 million.
Post the period-end the company signed binding agreements for the acquisition of three assets which will bring into the company an additional annualised net operating income of more than USD3.1 million.
Secure Property Development & Investment shares were untraded Tuesday morning, quoted at 60.00 pence per share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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