OREANDA-NEWS. August 29, 2014. Raven Russia announces its results for the six months ended 30 June 2014
 
Highlights
 
Underlying earnings after tax for the six months increase 37% to USD38 million;

IFRS earnings for the period of USD 45 million;

Current annualised NOI of USD 192 million and portfolio 97% let;

Cash balance of USD 188 million;

Construction of 107,000sqm new space in Moscow completing by the end of the year;

New space over 50% pre let, generating a further USD 12.5 million of NOI;

Basic underlying earnings per share increase 6% to 5.24 cents;

Adjusted diluted net asset value per share up 5% to \\$1.32;

Proposed distribution up 25% to the equivalent of 2.5p per share by way of tender offer buy back of 1 in 30 shares at 75p.
 
Glyn Hirsch, Chief Executive, said, "We believe we are in a strong, defensive position with high letting levels, extended debt maturities at or below our target cost of finance and substantial, free cash balances. This also gives us a strong platform to exploit opportunities if, as we all hope, the current situation in Ukraine is resolved satisfactorily."