(Alliance News) - Globalworth Real Estate Investments Ltd said Wednesday it swung to a loss in the first half of 2020 after recording a more than EUR90 million fair value loss on investment property.
The real estate company is active in central and eastern Europe with "market-leading positions in Poland and Romania". It reported a EUR46.1 million pretax loss for the six months ended June 30, swinging from a profit of EUR88.0 million a year before.
This was due mostly to a EUR92.0 million fair value loss on investment property, a swing from the company's EUR49.0 million gain in the previous year.
Revenue was 9.8% higher at EUR114.0 million compared to EUR103.8 million.
Globalworth posted its preliminary EPRA net asset value per share as at June 30 of EUR8.80. This represents a 5.4% fall from EUR9.30 at the end of 2019.
The company will publish its interim report and financial statements in the week commending September 21.
Shares in Globalworth were down 2.7% at EUR5.40 in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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Globalworth (GWI)