Eastern Property Holdings Limited (EPH): First Quarter 2017 Financial Update
(Thomson Reuters ONE) -
Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Limited (EPH): First Quarter 2017 Financial Update
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The issuer is solely responsible for the content of this announcement.
31 May 2017, Road Town, Tortola, BVI
FINANCIAL HIGHLIGHTS
* The performance of the Company's income-generating properties continues to
demonstrate good profitability. During the first quarter 2017 EPH rental
properties generated $19.24 million of net rental income (Q1 2016: $17.43
million). The contribution of each property to net rental income is
presented in the table below;
* Cash generated by the rental properties is sufficient to cover the Company's
operating expenses, including payment of interest on the bonds issued by the
Company;
* The volatility of Rouble/US dollar exchange rate continues to be one of the
main factors affecting the Company's operating results;
* Strengthening of Rouble against US dollar during Q1 2017 led to increase of
Arbat development property value which is carried at cost nominated in
Roubles;
Significant Q1 2017 Income and Expense Items
Net Rental Income 31.03.2017 31.03.2016 Change YoY
--------------------------------------------------------------
Berlin House 4,081,620 3,910,323 171,297
Geneva House 3,404,942 3,639,876 -234,935
Polar Lights 3,378,898 3,326,352 52,546
Hermitage Plaza 6,485,583 6,423,991 61,592
City Gate 811,047 - 811,047
Magistral'naya 153,666 128,353 25,313
-----------------------------------------
Total 18,315,756 17,428,896 886,859
-----------------------------------------
YoY changes in Income/Expense Items 31.03.2017 31.03.2016 Change YoY
-------------------------------------------------------------------------------
Net foreign exchange loss -28,936,745 -34,696,378 5,759,633
Finance costs -7,015,376 -8,540,327 1,524,951
Significant Q1 2017 changes in Financial Position
Assets 31.03.2017 31.12.2016 Change
--------------------------------------------------------------------------------
Cash & cash equivalents 42,808,389 41,378,278 1,430,111
Assets under development 79,402,860 72,855,882 6,546,978
Liabilities 31.03.2017 31.12.2016 Change
--------------------------------------------------------------------------------
Borrowings (LT & ST) 480,878,856 480,934,738 (55,882)
Accounts payable and accrued 52,826,436 60,122,219 (7,295,783)
expenses
Eastern Property Holdings Ltd. is an investment company listed on SIX Swiss
Exchange which holds interest in office, residential and retail properties. EPH
is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis
Group AG.
Additional information on Eastern Property Holdings is available by contacting
Anna Bernhart Tel: +41 44 503 5400.
EPH - Q1 2017 - Financial Update:
http://hugin.info/139905/R/2109561/801588.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastern Property Holdings Limited (EPH) via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2017 - 20:00 Uhr
Sprache: Deutsch
News-ID 545632
Anzahl Zeichen: 4315
contact information:
Town:
Geneva
Kategorie:
Business News
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