28 September 2018, Road Town, Tortola, BVI
Eastern Property Holdings Ltd (EPH), the real estate investment company, today announces interim unaudited results for the first half of 2018:
- Net asset value of $34.90 per share – decreased from $ 37.43 at YE2017 as a result of influence of non-operational factors such as decrease in US$-denominated fair values of investment properties and foreign exchange effect
- Net profit of $2.7 million ($0.27 per share) is fully overlapped by the negative cumulative translation adjustment (CTA) of $27.8 million (reflected directly in the equity)
- The loss from fair value adjustments of investment properties is mainly caused by RUB and EUR depreciation against US$ during the reporting period which affects the US$ value of the current rental stream and a lower estimated rental value (ERV) applied by the appraiser after the expiration of the existing leases for Russian properties
- The Company’s investment properties are performing well and during the first half of 2018 generated a net rental income of US$ 35.1 million (30 June 2017: 34.8 million)
Full Report
The full Semi-annual Results 2018, including the Interim Condensed Consolidated Financial Information for EPH is available on the company’s website www.easternpropertyholdings.com.
CONFERENCE CALL WITH MANAGEMENT
Tuesday, 2 October 2018 at 11:00 am (CEST)
Dial in: +41 58 262 07 22
Access Code: 398421
Eastern Property Holdings Ltd. is an investment company listed on SIX Swiss Exchange which holds interest in office, residential and retail properties. EPH is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis Group AG.
Additional information on Eastern Property Holdings is available by contacting Anna Bernhart Tel: +41 44 503 5400.
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