Secure Property Development & Investment (SPDI) has reported a 135 per cent increase in operational income to USD1.8m for the six months ended 30 June 2013.
This compares to USD757,502 at 30 June 2012 and USD184,633 at 30 June 2011.
The increase was primarily driven by improved occupancy at Terminal Brovary, the company’s key income producing asset in Kiev.
SPDI has also seen 35 per cent reduction in overall operating expenses to USD1.4m (30 June 2012: USD2.1m and 30 June 2011: USD2.6m).
Operating profit meanwhile was USD0.24m (30 June 2012: loss of USD1.6m), with losses before tax reducing by 74 per cent to USD0.57m (June 2012: USD2.2m and June 2011: USD16.6m).
SPDI has also reported a 90 per cent improvement in basic and diluted loss per share to USD0.02 compared to USD0.23 in June 2012 (30 June 2011: USD4.01).
Net equity increased by 63 per cent to USD50.1m (30 June 2012: USD30.6m and June 2011: USD8.4m).
APDI’s balance sheet significantly strengthened in the period with cash balance increasing by 93 times to USD14.5m (June 2012: USD155.000).
Total liabilities excluding bank and bond debt reduced by 38 per cent to USD3.9m (June 2012: USD6.3m).
SPDI’s fully diluted NAV per share decreased to USD1.71 compared to USD2.60 as at 30 June 2012, which was a result of a 152 per cent increase in the number of ordinary shares in issue following capital raising initiatives during the period.
Lambros Anagnostopoulos, chief executive officer at SPDI, says: “The first half of the year has seen us make excellent progress against our strategic goals and once again deliver strong operational improvements from the business, with significantly increased income, improved efficiencies and reduced cost. We have also strengthened our financial position, through the issue of equity, and are now well positioned to deliver on our strategy to grow the business, and I look forward to continuing to build on this momentum in the second half of the year.”