RomReal is pleased to report another good of results for Q1 2008:
Statutory Net Asset Value was EUR 2.48 (NOK 19.9) per share as at 31 March 2008, up 0.5% on Q4 2007
Pre-tax profit in Q1 2008 of EUR 3.4 million. Total assets were EUR 146.9 million
Process of securing additional sales is advancing with Corallia already having achieved satisfactory pre-sales levels and the drive to convert additional sales contracts on Oasis and Central continuing to make progress
Construction commenced on all three developments during Q1
Value enhancing pre-development work progressing well on the next selected projects
Initiatives to reduce cash burn continue - operating costs reduced from EUR 1.4 m in Q4 07 to EUR 1.1m in Q1 08
Initiatives to improve cash position of EUR 11.8 m continue - RomReal is working with the divestment of certain assets RomReal invites investors, analysts and media to the results presentation, to be held at the Continental Hotel in Oslo, Norway at 9.30 a.m. CET on 16 May 2008.
The presentation will be simultaneously webcast at
http://media01.smartcom.no/Microsite/start2.aspx?eventid=2960.
For further information, please contact:
Paul Bashir CEO
Tel: +40 751 084 747
Mob: +44 7810 546605
E-mail: investors@romreal.com
