LONDON (Alliance News) - Arricano Real Estate PLC Friday said it swung to a loss in the first half of 2015 as its revenue fell amid a challenging market and economic and political turmoil in Ukraine.
The Ukrainian shopping centre developer said that it made a USD6.7 million pretax loss in the six months ended June 30, having made a USD15.2 million pretax profit in the first half of 2014.
Revenue dropped to USD9.7 million from USD11.5 million, which it said was due to continuing challenging market challenges in Ukraine and the depreciation of the hryvnia against the US dollar.
"We have adopted a conservative position in the light of the difficult economic and political conditions the company is facing in Ukraine. Our focus is on working closely with our tenants, securing long-term cash flow whilst still progressing our existing development projects albeit over a slower timeframe, so that the company is well positioned for when conditions in Ukraine improve," Chairman Rupert Cottrell said in a statement.
Shares in Arricano were untraded on Friday afternoon, last quoted at 1.25 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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