KYIV. April 27 (Interfax-Ukraine) – Arricano Real Estate Plc (Cyprus), a managing company and developer of some shopping malls in Ukraine, saw $23.493 million in net profit in 2016 compared to $20.379 million of net loss in 2015.
According to an annual report of the company posted on the London Stock Exchange (LSE) on Wednesday, This turnaround was due to the $11.5 million increase in the property valuation, in addition to the $11 million reduction in operating expenses and the $18.4 million fall in finance costs all contributing towards this improved figure.
Arricano said that in 2016 recurring revenues increased by 13.3%, to $23.1 million (2015: $20.4 million).
Total comprehensive profit for the year was $21.13 million compared to $58.604 million of total comprehensive loss in 2015.
According to the report, the portfolio of assets was externally and independently valued as at December 31, 2016 by Expandia LLC, part of the CBRE Affiliate Network.
The portfolio was valued at $175.663 million (December 31, 2015: $160.31 million), the increase in the value of the portfolio was primarily driven by the increase in rental income and the improved stability of the hryvnia.
Total assets, as at December 31, 2016, amounted to $187.1 million (2015: $173.2 million). This represents an increase of 8% from the previous year.
Net Asset Value as at December 31, 2016 was $24.2 million (2015: $3.1 million), resulting in an Adjusted Net Asset Value per share of $0.23 (2015: $0.03).
Cash balances as at December 31, 2016 including cash equivalents and current deposits amounted to $4.953 million (2015: $3.349 million).
According to the report, total non-current liabilities in 2016 fell by 6.4%, to $52.281 million, while total current liabilities shrank by 3.2%, to $110.647 million.
Arricano said that bank debt at the year-end was $50.1 million, a decline of 16.6% year-over-year. Weighted average number of shares was 103.271 million, and the number of employees at the year-end was 112 people.
By late 2016, Arricano had 27 subsidiaries, including 14 in Ukraine, 10 in Cyprus, one each in Russia, Estonia and Isle of Man.
