GRIVALIA PROPERTIES R.E.I.C.
Increase of 23% in consolidated net profits for the three-month period ended March 31, 2008
Eurobank Properties REIC announces that the Q1 consolidated net profits increased by 23% compared to the respective period for 2007 (euro 12.75 million for Q1 2008 compared to euro 10.39 million for Q1 2007).
Profits before tax amounted to euro 13.71 million for Q1 2008 compared to euro 10.96 million for Q1 2007, resulting in an increase of 25%. Income from rentals increased by 42%, (euro 8.89 million for Q1 2008 compared to euro6.26 million for Q1 2007).
Finally, it is noted that NAV as at March 31, 2008 amounts to euro704.36 million or euro11.55 per share (31/12/2007: euro 701.32 million or euro11.50 per share).
It must be noted that, following the share capital increase in December 2007, the Company has already invested euro82.43 million (of the total net proceeds amounting to approximately euro323 million) in Greece and CEE countries. Additionally, euro43.75 million have been used for the repayment of existing debts of the Company, bringing the remaining proceeds to be invested to approximately ?195 million as at March 31, 2008 (taking into consideration other existing capital commitments).
Profits before tax amounted to euro 13.71 million for Q1 2008 compared to euro 10.96 million for Q1 2007, resulting in an increase of 25%. Income from rentals increased by 42%, (euro 8.89 million for Q1 2008 compared to euro6.26 million for Q1 2007).
Finally, it is noted that NAV as at March 31, 2008 amounts to euro704.36 million or euro11.55 per share (31/12/2007: euro 701.32 million or euro11.50 per share).
It must be noted that, following the share capital increase in December 2007, the Company has already invested euro82.43 million (of the total net proceeds amounting to approximately euro323 million) in Greece and CEE countries. Additionally, euro43.75 million have been used for the repayment of existing debts of the Company, bringing the remaining proceeds to be invested to approximately ?195 million as at March 31, 2008 (taking into consideration other existing capital commitments).