logo
Share SHARE
FONT-SIZE Plus   Neg

Raven Russia FY12 Pre-tax Profit Plunges On Lower Gains - Update

Raven Russia Ltd. (RUS.L) Monday reported a sharp fall in pre-tax profit for full-year 2012, reflecting mainly lower revaluation gains. Underlying earnings, excluding items, surged from last year on a significant rise in revenues. The company also announced a 29 percent increase in final distribution.

Further, Raven Russia noted that the same market dynamics in 2011 continued through 2012 and into 2013.

St. Peter Port, the Channel Islands-based Raven Russia invests in commercial real estate properties in Russia. In addition, the firm provides property management and property advisory services.

For the full year, the company's profit before tax more than halved to $62.84 million from $128.92 million reported last year. Excluding items, underlying pretax profit was $34.71 million, while the company posted $8.06 million a year earlier.

On a per share basis, earnings dropped to 4.92 cents per share from 15.11 cents per share a year ago. Underlying earnings per share were 5.06 cents, while the company posted 0.16 cents per share in the previous year.

Adjusted Net Asset Value or NAV per share was 125 cents, up from 119 cents per share in the prior year.

Unrealized profit on revaluation of investment property for the recent year totaled $68.06 million, significantly down from $133.06 million in 2011.

Gross revenues grew to $234.21 million from $162.77 million in the preceding year. Net rental and related income or NOI for the year increased 49 percent to $136.5 million.

Chairman Richard Jewson stated, "The Group is making very good progress. Lettings have continued in an undersupplied market, finance facility maturities have been extended and important earnings enhancing acquisitions made."

The company also announced a final distribution of 2.25 pence per share, up 29 percent from last year. This will make the total distribution to 3.75 pence per share, an increase of 25 percent year-over-year.

RUS.L is currently trading at 66.78 pence, up 2.19 percent on the LSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Photo and video sharing app Instagram has touched a new milestone with an impressive 700 million users. The Museum of Failures is set to open in Helsingborg, Sweden in June. The museum will feature a collection of innovation failures that will provide visitors a fascinating learning experience. The museum's collection consists of over sixty epic failed products and services from around the world. Netflix Inc. has finally gained an entry into China's lucrative entertainment market, one of the few markets in the world the online-video streaming service does not have a presence in. Netflix said it has signed a licensing deal with video streaming platform iQiyi, owned by China's biggest search engine Baidu.com.
comments powered by Disqus
Follow RTT