Friday, June 29, 2007

Fabian Romania swings to FY profit; says current year outlook attractive

LONDON (Thomson Financial) - Fabian Romania Property Fund Ltd swung to a full-year pretax profit and posted a 36 pct increase in net asset value per share, and said the current year's outlook is attractive in light of the significant progress it has made on its investment pipeline.

The Romania-focused real estate fund said it committed a total 35.6 mln eur across four projects during calendar 2006, on which it raised bank debt of 18.9 mln eur, and said its share of the market value of these projects was 46.7 mln eur as at Dec 31 2006, before the deduction for financing.
At the end of June, the company said it has total capital commitments of over 70 mln eur across nine investments.

Operating revenues came in at 1.45 mln eur during the year and pretax profits for 2006 came in at 1.34 mln eur. In the period from April 20-Dec 31, 2005 the company made a pretax loss of 0.7 mln eur. NAV per share was 1.356 eur on Dec 31.

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