(Alliance News) - Plaza Centers NV on Tuesday reported a narrowed loss in 2019 but saw its property book value fall on continued realisations.
In 2019, Plaza Centers recorded a pretax loss of EUR21.1 million, narrowed from EUR39.4 million in 2018.
The company's total revenue and gains rose to EUR3.8 million from EUR2.6 million.
In 2018, Plaza Centers recorded EUR29.5 million in property write-downs, compared to EUR500,000 in 2019.
The company's total assets fell by EUR6 million in 2019 to EUR56 million, blamed on the reduction in the value of trading properties.
The book value of Plaza's trading properties decreased by EUR2.2 million to EUR40.4 million, due to disposals of land plots in Poland and Romania.
Executive Director Ron Hadassi said: "Our active focus has continued to centre on asset disposals in Central and Eastern Europe, including signing pre-agreements for future sales, continuing efforts to receive a Government Decision confirming to transfer the shares to AFI Europe NV as well as amendment of the PPP Agreement in line with the agreement with AFI Europe NV and realise projects in India and generating cash flows, material cost-cutting, tight budget control and the optimisation of the business with the aim of satisfying our obligations to our stakeholders."
He continued: "In addition, we intend to request the bondholders' approval to postpone the repayment of the bonds from July,1 2020 in order to allow us to continue with the realisation of the company assets. This remains our absolute priority for the next year".
Shares in Plaza Centers were untraded in London on Wednesday but last closed at 35.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Plaza (PLAZ)