1st Oct 2018 14:44
LONDON (Alliance News) - Secure Property Development & Investment PLC said on Friday it swung to a loss in the first half of the year as revenue fell on lower income from operating investments.
The company reported a loss of EUR1.2 million in the six months to the end of June, sinking from a profit of EUR200,658 the same period the year before. This was after total income halved to EUR1.5 million from EUR2.8 million, cut down by lower rental, utilities, management and electricity sales.
Also dragging on results were a wider loss from its investments of EUR789,465 compared to EUR509,343 the prior year.
Net asset value per share as at June 30 fell to EUR0.29 from EUR0.38 on the same date the prior year.
"Following a highly successful and profitable financial 2017 due to the sale of land in Bucharest and our primary Ukrainian asset, during the first half of 2018 we have been focused on capitalising on this success and finalising the rationalisation of the company's capital structure with a view, subject to the company having sufficient resources, to being able to distribute dividends and/or consider buying back our own shares as they are currently trading at 60% discount to NAV per share," said Chief Executive Officer Lambros Anagnostopoulos.
Shares in Secure Property Development & Investment were untraded on Monday, last quoted at 10.00 pence.
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