EPH Announces Interim Results for 1H 2016
OREANDA-NEWS. Eastern Property Holdings Ltd (EPH), the real estate investment company, today announces interim unaudited results for the first half of 2016:
NAV of $38.18 per share - increased from $35.54 at YE2015
Net loss for the period of $33.6 million is overlapped by the positive change in cumulative translation adjustment in the amount of $47.5 million (reflected directly in the equity)
The Company's investment properties held at fair value are $661.21 million (31 December 2015: $661.78 million). The Russian property markets only changed slightly since 31 December 2015, and there has been no deterioration in the quality and performance of EPH's assets.
Total assets are $896.53 million (31 December 2015: $990.46 million). The decrease is mainly caused by the reduced cash balance due to the deferred purchase price payment related to the acquisition of Hermitage Plaza in 2014.
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.