Growth of 30% in the profit for distribution in comparison with the same period of the previous year recorded the Company
Sofia, July 10, 2008
Through the first half-year of 2008, FairPlay Properties REIT realized BGN 4.30 mln profit for distribution, with BGN 1 mln more than the same period of 2007. According the intermediary report as at 30.06.2008, the Company records revenues from sales of apartments at the amount of BGN 17.787 mln and proceeds at the amount of BGN 25.7 mln.
The profit of the Company is formed from the revenues from 95 finalized Sales Agreements for apartments (93 apartments from the village “Santa Marina” and 2 apartments from the Apartment Complex “ St. Ivan Rilski”).
“Not all the sales are included in the formation of this profit, but only the ones for which the payments had been done.” – commented the Executive Director of the Company Manu Moravenov. “As at the end of June FairPlay Properties REIT has uncompleted 49 additional sales. These sales guarantee the recording of another BGN 11, 3 mln revenues for 2008.”
The Fund reached 121% implementation of the forecast for sales of apartments from the Holiday village “Santa Marina” as at 30.06.2008. The Company has concluded new Agreements for 132 apartments (123 apartments from village “Santa Marina” and 9 apartments from the Apartment Complex “St. Ivan Rilski”) and as a result increased twice the sales in “St. Ivan Rilski”, through the second, in comparison with the first quarter of the year, nevertheless the negative status of the real estate market in Bansko.
FairPlay Properties REIT is the biggest in assets Company for securitization of real estate (without agricultural lands) with 10,4% market share and had fourth place towards this index from all the REITs invested in the real estates, listed on the BSE ( according the statistics of Financial Supervision Commission for the third quarter of 2007). FairPlay Properties has an award from the Investor‘s Association for “The Best Corporate Governance of REITs 2006”.
FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. The main shareholder in the Company is FairPlay International JSC with 67 % quota in the capital. The rest of the shareholders are institutional investors (10 Pension funds, 16 Mutual funds, 4 Investment companies) and over 260 legal and physical entities, private investors.