LONDON (Alliance News) - Dragon-Ukrainian Properties & Development PLC Tuesday said it narrowed its losses, after a write-down reversal.
The company posted a pretax loss of USD14.5 million for the six months to June 30, compared with a USD18.8 million loss a year earlier. The company was boosted by the reversal of a write-down concerning a trading property totalling USD6.2 million.
However, Dragon-Ukrainian said its net asset value per share fell to USD1.37 from USD1.61 at the end of December.
At an operating level, the company said it invested in ten projects, five of which are cash generating.
"The company will continue to work towards generating stable cash flows from its projects and hopes to enable shareholders to benefit from their investment through distributions in due course," Chairman Rory Macnamara said in a statement.
The stock was trading 6.67% lower at 28.00 pence per share Tuesday afternoon.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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