CEE developer Plaza Centers saw its profits drop by 70% in 2008 from EUR 227 mln in 2007 to EUR 68 mln in 2008. Net Asset Value was down by 35% to EUR 0.7 bn at end-2008 from EUR 1.06 bn in 2007. The company said that its board has taken the 'prudent' decision not to propose a dividend for 2008 in order to preserve the capital liquidity within the group.
CEE developer Plaza Centers saw its profits drop by 70% in 2008 from EUR 227 mln in 2007 to EUR 68 mln in 2008. Net Asset Value was down by 35% to EUR 0.7 bn at end-2008 from EUR 1.06 bn in 2007. The company said that its board has taken the 'prudent' decision not to propose a dividend for 2008 in order to preserve the capital liquidity within the group.
CEO Ran Shtarkman said: 'Given the current uncertain economic environment, we have limited our ongoing development programme to eight projects, focusing on areas with the high market demand and where financing terms are more favourable.'
'Plaza is not in a position where it will have to execute forced sales of assets on completion. Until such a time when the investment market improves, we will use our experience gained over eight years of managing and running shopping malls effectively and efficiently to hold developed projects as income- generating investments in our portfolio,' added Chairman Mordechay Zisser.
