FairPlay Properties REIT Nets 1.834 Mln Leva Profit in Q1

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FairPlay Properties REIT Nets 1.834 Mln Leva Profit in Q1

FairPlay Properties REIT booked 1.834 mln leva (937,700 euros) net profit in the first quarter of 2008, the interim financial report of the company shows. The revenue of the company from apartment sales stood at 6.737 mln leva (3.44 mln euros) as at March 31, 2008, marking a three-fold year on year increase.

The operating revenue of the REIT amounted to 6.908 mln leva (3.53 mln euros). The sale of 36 apartments in the Santa Marina and St. Ivan Rilski holiday villages, accounted for 6.737 mln leva (3.44 mln euros) of the figure (98%). The revenue of the company from property management and rents in the period stood at 148,000 leva (75,700 euros) and 19,000 leva (9,700 euros), respectively.

FairPlay Properties is yet to finalize a total of 48 sales contracts expected to bring the company 4.348 mln leva (2.22 mln euros) profit in the next accounting period. The REIT has also accepted reservations for the future sale of 43 apartments to a total value of 12.430 mln leva (6.35 mln euros).

FairPlay Properties made investments for 6.4 mln leva (3.27 mln euros), VAT excluded, in the first quarter of 2008.

The company signed contracts for the sale of 53 apartments in the Santa Marina and St. Iva Rilski holiday villages during the first three months of the year. The total built-up area of the apartments stands at 3,586 m2, while the combined value of the deals amounts to 8.775 mln leva (4.48 mln euros). The company raked in a total of 8.907 mln leva (4.55 mln euros) from the sales of apartments in the period January to March.

FairPlay Properties started distributing 8 mln leva (4.09 mln euros) as dividend, or 0.1433 leva per share, on April 14. The new shares issued as part of the forth capital raise of the company from 50,700,000 leva (25.92 mln euros) to 55,825,370 leva (28.54 mln euros) also carry dividend rights. The company forecasts 42.46 mln leva (21.7 mln euros) sales revenue and 10.4 mln leva (5.31 mln euros) profit for the entire 2008. Thus, the dividend will amount to 0.16 leva per share.

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