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International Internet Magazine. Baltic States news & analytics Saturday, 24.08.2019, 15:10

Pro Kapital reaches EUR 18 mln profit in 2018

BC, Tallinn, 31.01.2019.Print version
The revenue of the listed Estonian real estate developer Pro Kapital Grupp climbed 99% to 28 mln euros in 2018 and the company saw a profit of 18 mln euros last year, compared with a loss of 500,000 euros in 2017, writes LETA/BNS.

The company's sales revenue increased by 14 mln euros last year both in the real estate and rental segment by the completion of several buildings in Tallinn and Riga. The net result was significantly influenced by increased value of investment property due to completion and opening of the T1 Mall of Tallinn, Pro Kapital told the stock exchange.

The total revenue of the fourth quarter of 2018 was 6.9 mln euros compared to 4.3 mln euros during the same period of 2017. The net profit of the fourth quarter in 2018 was 15.8 mln euros compared with the 900,000 euro profit during the same period in 2017.

"The year 2018 has been significant for Pro Kapital, with respect to reaching important milestones in the operations which, in turn, is demonstrated by the financial performance of the company. We have shown stable growth through our business and continue to focus on improving our results," Allan Remmelkoor, chairman of the management board of Pro Kapital, said.

According to Remmelkoor, the company is continuously focused on improving efficiency and is exploring opportunities to reduce financial costs by refinancing current debt instruments. "We foresee stable growth in revenues and operating results during the upcoming periods," he added.

As at the end of 2018, the company's overall loans from financial institutions were 83.3 mln euros. The loans from minority shareholders were 300,000 euros. Pro Kapital had 10.2 mln euros' worth of convertible bonds debt and 28.5 mln euros' worth of non-convertible bonds debt.

As of December 31, 2018, there were 89 employees working in the company, 40 of them were employed by the hotel and property maintenance business.

Net assets per share on December 31, 2018 totaled 1.80 euros compared to 1.46 euros on the last day of 2017. As of November 19, 2018, the company's shares are traded on the main list of the Nasdaq Tallinn stock exchange. 

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