30th Sep 2019 12:04
(Alliance News) - Secure Property Development & Investment PLC on Monday reported a narrowed interim loss due to absence of a impairment charge and said that it has continued to make progress on the sale of its non-Greek assets to Arcona Property Fund NV.
For the six months to the end of June, the Eastern Europe-focused real estate firm reported a pretax loss of EUR463,411, narrowed from EUR1.2 million loss the year before.
This was due to a one-off allowance recognised for investment property in the first half of 2018, consisting of an EUR1.0 million impairment related to the Praktiker Craiova property in Romania, which was hold in the second half of 2019.
Earnings before interest, taxes, depreciation and amortisation increased by 52% year-on-year to EUR466,661 from EUR311,453.
In addition, total income rose to EUR1.4 million from EUR1.2 million the prior year, on growth in rental income.
Net asset value per share as at June 30 was EUR0.28, in line with the end of December.
Looking ahead, Secure Property has continued to advance the sale of its non-Greek portfolio to Arcona Property Fund NV for EUR29.3 million in an all-share transaction.
Stage one of the deal is expected to be completed in October, while progress continues on the second stage.
"Much progress has been made during the summer towards completing the exchange of our non-Greek assets for shares and warrants in the Amsterdam listed property fund Arcona. We expect closing of phase one and signing of phase two to take place in the months to come. At this point, SPDI will be issued with equity in a dividend-paying Central East European fund with a diversified portfolio of income producing properties," said Chief Executive Officer Lambros Anagnostopoulos.
Shares in SPDI were untraded on Monday, last quoted at 7.00 pence in London.
By Dayo Laniyan; [email protected]
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