AIM-listed Raven Russia posted a pre-tax loss of $189 mln in 2008, mostly due to the sharp revaluation of its warehousing property portfolio. Net Asset Value (NAV) per share amounted to $1.47 at the end of the year, down by 37% on 2007's level of $2.32.
AIM-listed Raven Russia posted a pre-tax loss of $189 mln in 2008, mostly due to the sharp revaluation of its warehousing property portfolio. Net Asset Value (NAV) per share amounted to $1.47 at the end of the year, down by 37% on 2007's level of $2.32.
'Whilst it is disappointing to report losses, we are profitable at the operating level. We are in a strong market position with increasing net operating income and a strong balance sheet,' said CEO Glyn Hirsch. The company said it has suffered from the weakening of the rouble and sterling relative to the US dollar over the past months as well as from the correction in value of its property assets and the withdrawal of bank finance from the market.
Raven Russia recently announced the raising of £76.2 mln through a placing of preference shares and warrants. 'In the short term lease rents may be lower, but with virtually no new space set to start on site in Moscow in the next few months the potential exists for a positive end to the year if tenant demand holds up,' Hirsch added.
