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Arricano developer posts $386,000 net loss, raises revenue by 19% in H1 2021
KYIV. Sept 22 (Interfax-Ukraine) – Arricano Real Estate Plc (Cyprus), a management company and developer of a number of shopping and entertainment centers in Ukraine, received $386,000 in net loss in the first half of 2021 against a net profit of $22 million in the same period of 2020.
According to the report of the company, published on the London Stock Exchange, its revenue for January-June increased by 19% – to $16.9 million. Operating profit increased by 23% – to $11.9 million (excluding revaluation of investment real estate).
The value of net assets since the beginning of the year increased by 4.8% and amounted to $125.2 million. The total value of the investment property portfolio is estimated at $281.6 million.
According to the developer, despite the partial restriction of work of shopping and entertainment centers during quarantine in the past six months, the occupancy rate at the end of June 2021 was 99.5%.
According to the company, cash flows from operating activities increased by 52% compared to 2020 and amounted to $10 million. The average cost of bank loans decreased to 8.3% since year start. As of June 30, 2021, Arricano had $15 million in cash and cash equivalents.
Arricano Real Estate Plc specializes in the construction of shopping and entertainment centers, and is one of the leading developers in the Ukrainian real estate market. It owns and operates five shopping centers in the country with a total area of 147,300 square meters. Despite the slowdown in construction due to the coronavirus pandemic, the company maintains plans to open the Lukianivka mall in 2022.
