Baltic, Estonia, Investments, Real Estate

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 16:26

Estonian Pro Kapital saw results weaken in H1

BC, Tallinn, 22.08.2014.Print version
Estonian real estate developer Pro Kapital informed the Tallinn stock exchange its total revenue for the first six months of this year was 5.9 mln EUR, a decrease of 10% compared to the reference period while the loss grew, informs LETA.

The net operating result during the first six months of the year decreased by 0.2 mln EUR (20%) compared to the reference period, totalling to loss of 1.2 mln EUR (6 months of 2013: loss of 1.0 mln EUR).

 

The net result for the six months of 2014 has decreased by 0.6 mln EUR (43%) compared to the reference period, totalling to loss 2.0 mln EUR (2013 6 months: loss of 1.4 mln).

 

The net operating loss for the second quarter of 2014 was 0.6 mln EUR versus a net operating profit of 0.03 mln EUR at the same time last year. The net result for the second quarter of 2014 was a loss of 1.1 mln EUR (2013 Q2: net result loss of 0.5 mln EUR).

 

During the second quarter of 2014 Pro Kapital continued the construction works of new buildings in 2 of its residential development projects – Saltiniu Namai in Vilnius and Tondi Quarter in Tallinn. Presales for both projects have been successful, at the moment of issuing the report there have been signed presale agreements for 16 apartments out of 19 in Vilnius and 13 apartments out of 31 in Tallinn project.

 

In addition to that the subsidiary of the group AS Tallinna Moekombinaat and AS Nordecon concluded the agreement for building excavation works of the shopping and entertainment centre located at Peterburi 2 with the aim to finish the preparation works of the construction of the shopping centre.






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