LONDON (Alliance News) - Real estate investor Dragon-Ukrainian Properties & Development PLC reported Thursday a steep fall in its net asset value and a net loss for the first half of the year, as the Ukrainian economy struggled.
Dragon's total net asset value fell to USD48.9 million at June 30, from USD58.4 million at the end of December. It also booked a net loss of USD3.5 million for the period, although this was narrowed substantially from a USD21.7 million for the same period in 2015.
Dragon said the net loss was mostly driven by fair value loss on projects, with a lower valuation of its share in Arricano Real Estate PLC, longer sales periods and slightly higher discount rates used in valuations.
Dragon's cash balance also decreased to USD8.4 million at the end of the period from USD15.9 million as at the end of December 2015, though it said the fall was largely due to a USD6.0 million distribution to shareholders.
Shares in Dragon were untraded Thursday, last closing at 14.00p a share.
By Adam Clark; adamclark@alliancenews.com
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