RomReal is pleased to report the results for Q2 2008:
Statutory Net Asset Value was EUR 2.3 (NOK 18.5) per share as at 30 June 2008, a decline of 7% from Q1 2008
Decline in NAV is a consequence of a 5% write down in the Company's Investment Portfolio in Q2 to reflect prevailing market conditions
Pre-tax loss in Q2 2008 of EUR 8.8 million primarily due to the asset write down. Total assets were EUR 138.5 million. The Company maintains a low gearing ratio of 11%
Corallia and Central development binding sales, with a typical 25% deposit, at a satisfactory level
Oasis development sales process progressing slowly - work in progress being carefully monitored by the Company to minimize financial exposure. Phase 1 reduced from 126 units to 100 units
Sale of assets continues - Office Villa in Bucharest sold in quarter at IFRS NAV - cash proceeds of EUR 2.4m
RomReal invites investors, analysts and media to attend the conference to be held at 9.30 a.m. CET on 15 August 2008.
Those wishing to attend the call are invited to dial:
UK +44 (0)1296 317600
Norway +47 23162814
Denmark +45 38487548
US +1 7183541176
Participant passcode: 430 137#
The call will be recorded and will be immediately available to download from www.romreal.com.
For further information, please contact:
Paul Bashir CEO
Tel: +40 751 084 747
Mob: +44 7810 546605
E-mail: investors@romreal.com
