The Fund recorded BGN 4, 182 mln revenues from activity in the intermediate statement
Sofia, April 16, 2009.
FairPlay Properties REIT realized BGN 494 thousand net profit through the first quarter of 2009. The revenues from activity of the Company are BGN 4, 182 mln . 83% of them are formed from the conclusion of Sale agreements of 13 apartments from the complexes “Santa Marina” and “St. Ivan Rilski”. The revenues from rents are BGN 689 thousand.
The Fund has concluded new Sale agreements for 15 apartments with total value BGN 3, 2 mln. in the first tree months of the year. The Company has started 2009 with BGN 5, 2 mln incomes from Sale agreements for apartments, and as at the end of March there are 42 unfinished agreements that are expected to generate additional revenues of BGN 9, 4 mln through the next reporting period of 2009.
“In March we have recorded significant growth of the sales – 47% from the new agreements are exactly from the last month of the quarter. We will have a reason to actualize in a positive direction our forecasts for the annual profit, that we announced on the General meeting of the shareholders, in case this trend is constant in the next quarter.”, commented Manu Moravenov, CEO of FairPlay Properties REIT.
FairPlay Properties REIT is the biggest Company for securitization of real estate (without agricultural land) in view of assets with 12, 6% market share and ranks four among all REITs investing in real estate (data provided by the Financial Supervision Commission for Q3 2008).
FairPlay Properties is “The Best Corporate Governance of REITs 2006” award winner from the Investor‘s Association.
FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. Its main shareholder is FairPlay International JSC with 66, 8 % share. The rest of the shareholders are institutional investors (10 Pension funds, 20 Mutual funds and Investment companies) and over 270 legal and physical entities, private investors.
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