Vilnius, Lithuania, 2015-02-13 15:07 CET (GLOBE NEWSWIRE) -- Unaudited consolidated net profit as well as consolidated net profit attributable to shareholders of INVL Baltic Real Estate amounted to EUR 0.45 million (LTL 1.56 million) at the end of 2014.
The financial statements cover the interim financial period of the company, starting from the company’s establishment date 29 April 2014 and ending on 31 December 2014, therefore there are no comparative data.
Additional information:
INVL Baltic Real Estate, the company investing into commercial real estate, consolidated equity amounted to EUR 14.5 million (LTL 50.1 million) or EUR 2.06 per share at the end of 2014.
INVL Baltic Real Estate has started its activity in the end of April 2014 as a spin-off from Invalda LT. During first eight months of activity INVL Baltic Real Estate revenues amounted to EUR 3.5 million (LTL 12.13 million) (from this EUR 1.7 million (LTL 6 million) – rental revenue from owned real estate) and net profit reached EUR 0.45 million (LTL 1.56 million).
“We view first year results positively – owned companies managed to increase rental revenues. Despite increasing competition in commercial real estate, we plan to improve results in the rental market at this year, - said Andrius Dauksas, director of INVL Baltic Real Estate.
According to him, after signing the long term agreement in September 2014, current focus is to increase cash flow and value of owned real estate.
Group companies of INVL Baltic Real Estate have about 51 700 sq. m of the real estate in Vilnius and Riga. Total value of owned real estate assets amounts to EUR 33.8 million (LTL 116.87 million). Company’s shares are listed on NASDAQ Vilnius stock exchange.
The person authorized to provide additional information:
Andrius Daukšas
Director
Tel. +370 5 279 0601
E-mail: andrius@invaldalt.com
