EPH expects a significantly lower annual loss in 2017 compared to the loss of the previous year
23 March 2018 - 5:00AM
Eastern Property Holdings Limited (EPH) / EPH expects a
significantly lower annual loss in 2017 compared to the loss of the
previous year . Processed and transmitted by Nasdaq Corporate
Solutions. The issuer is solely responsible for the content of this
announcement.
22 March 2018, Road Town, Tortola,
BVI
Eastern Property Holdings ("EPH" or the "Company")
would like to announce that the Company expects a net loss of
between US$ 1 - 10 million for the year 2017, compared to a net
loss of US$ 70.5 million for the same period a year earlier.
The main factor contributing to such significant
decrease in loss is currency effect. In 2016 the Company
recognized a net foreign exchange loss in amount of USD 85.0
million. Due to decrease in the volatility of USD/RUB
exchange rate in 2017 we expect that the net foreign exchange
result will not have significant impact on the overall 2017
Company's results.
The Company also expects that in 2017 the loss
from fair value adjustments of its investment properties will be
less than in 2016. It should be noted, however, that the
valuation process is not finalized yet, therefore, further changes
are still possible.
The Company would also like to emphasize that both
2017 and 2016 losses are caused by non-operational and non-monetary
factors in accordance with International Financial Reporting
Standards. From an operating standpoint the Company's
income-generating properties continue to demonstrate stable
profitability and generate sufficient cash to cover the Company's
operating expenses, including payment of interest on the bonds
issued by the Company.
The above stated 2017 figures and expectations are
still subject to auditor's confirmation. The annual results for
2017 and the annual report will be published on 28 April 2018. No
further information on the Group's business performance will be
released until then.
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.
Additional information on
Eastern Property Holdings is available by contacting Anna Bernhart
Tel: +41 44 503 5400.
EPH expects significantly lower
loss
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Eastern Property Holdings Limited (EPH) via
Globenewswire
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Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA Geneva Switzerland
WKN: 250817;ISIN: VGG290991014;
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