30 September 2019, Road Town, Tortola, BVI
Eastern Property Holdings Ltd (EPH), the real estate investment company, today announces interim unaudited results for the first half of 2019.
Net asset value of $38.78 per share increased from $ 33.82 at YE2018. Net profit attributable to the shareholders is $27.29 million vs $2.66 million for the same period of the last year.
The main factors influencing NAV and the financial result are:
- Good stable performance of the rental properties – $37.77 million of net rental income (vs US$ 35.06 million in the first half of 2018). Newly acquired property in Vienna contributed app. $ 1.3 million of net rental income for the period from March to June 2019
- $ 3.08 million of profit has been recognized for the sale of Arbat 24 premises
- US$ 36.24 million increase in investment property valuations in US$ equivalent
- Almost no impact of exchange rate fluctuations in the reporting period (overall negative effect of $ 0.55 million): net foreign exchange losses recognized in the statement of profit or loss are almost fully eliminated by the positive change in CTA (currency translation adjustment) recognised as other comprehensive income directly in equity.
The Company’s investment properties held at fair value are $991.8 million (31 December 2018: $841.5million). The increase is caused by acquisition of QBC4 property in Austria and by moderate increase of values of other properties.
Full Report
The full Semi-annual Results 2019, including the Interim Condensed Consolidated Financial Information for EPH is available on the company’s website www.easternpropertyholdings.com.
CONFERENCE CALL WITH MANAGEMENT
Thursday, 3 October 2019 at 11:00 am (CEST)
Dial in: +41 58 262 07 22
Access Code: 062611
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.