(Clarifies story reported on June 24 by adding consolidated profit figure
and NAV)
LONDON (Thomson Financial) - Lewis Charles Sofia Property Fund reported an
18 percent increase in net asset value (NAV) to 116 pence from 98 pence, and
said its portfolio value stood at 83.9 million euros as on Dec. 31, 2007,
compared to an acquisition cost of 43.9 million euros.
The company said it is unlikely to incur liabilities on Central Sofia
Purchase Options due to the nature of the property market in and around the
chosen development areas and the high level of demand for the type of properties
being developed.
For the full-year ended Dec. 31, 2007, the company's consolidated profit
figure, which includes changes in property values, showed a profit of 6.530
million euros, compared with 8.612 million in 2006.
Lewis Charles posted a net loss of 4.301 million euros compared with a net
loss of 4.223 million euros a year earlier, while finance income declined to
408,577 euros from 809,505 euros earlier, according to the company income
statement.
During the period, total expenditure declined to 4.71 million euros from
5.033 million euros earlier.
Fund manager Loraine Pinel said: "2007 was a year of steady progress for the
fund and we are pleased that this has continued into 2008".
tf.TFN-Europe_newsdesk@thomson.com
jjo/ejp/jh1/ejp
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