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
Microsoft's (MSFT) office assistant Cortana for iOS beta has arrived, but only 2000 people will be able to test the virtual assistant. Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016.
comments powered by Disqus
Follow RTT