For the first reporting period since the end of 2008, the appraised values of the company's rental properties were modestly higher, as Russian property markets belatedly reflect the stabilization of rents and capital values seen several periods earlier in Western European markets.
Fair value adjustments generated a net operating profit of US $4.36 million, net of finance cost. However, primarily due to impairment of two parking projects at the company's Moscow parking joint venture (an associated company), the company reports a US $3.39 million net loss for the period.
The company's Net Asset Value per share is US $76.32, reflecting total shareholder's equity of US $325.31 million.
EPH's interim financial report is available at the company website: www.easternpropertyholdings.com