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Rave Russia Limited building a warehouse property in Russia, has reduced the annual loss in 2009 to 18 percent to $ 139.3 million, the company said on Monday.
"The loss of the Company in 2009 reflects a significant drop in portfolio evaluation, which we reported in the first half of the year, as well as the fact that in 2009 we started with empty squares and objects under construction" - said Raven Russia General Director Glyn Hirsch .
Thus, the total loss of fund amounted to $ 108.5 million last year, compared to $ 39.1 million in 2008.
While net operating revenue for the year grew by 36 percent to $ 70.6 million, its level is still insufficient to cover all expenses, including payment of dividends, the company said in a statement. The Company must earn at least $ 92 million revenue to reach the level of profitability.
While net operating revenue for the year grew by 36 percent to $ 70.6 million, its level is still insufficient to cover all expenses, including payment of dividends, the company said in a statement. The Company must earn at least $ 92 million revenue to reach the level of profitability.
According to calculations Raven Russia has already built a portfolio of real estate companies - 1,003 million square meters - completely filled with tenants will bring the net operating income of $ 123 million a year.
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