LONDON (Alliance News) - Arricano Real Estate PLC on Tuesday said its pretax loss narrowed in 2015 following heavy writedowns booked the year earlier, though its occupancy rate improved within a still difficult trading environment in Ukraine.
The company, which owns and operates shopping centres in Ukraine, said its pretax loss for the year to the end of December was USD16.3 million, compared to a USD69.6 million loss a year earlier when it was hit hard by writedowns on its portfolio amid the widespread unrest in Ukraine.
Arricano said its recurring revenue fell to USD20.4 million from USD22.8 million but its occupancy rate improved to 96.2% from 89.3% the year before. The lower revenue was down to the continued devaluation of the Ukrainian hryvnia against the dollar and by a still challenging environment in Ukraine.
The total fair valuation on its property portfolio dropped to USD160.3 million from USD205.6 million.
"Arricano is operating in a challenging market environment, but we continue to attract a strong tenant base and have increased occupancy across the entire portfolio. 2015 saw a record number of visitors to our malls, driven by our innovative approach to the design and management of the spaces," said Rupert Cottrell, Arricano's chairman.
Arricano shares last closed at 0.59 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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