The Fund reported a profit of BGN 840 thousand for the third quarter of 2018, which represents a 300% increase compared to the financial result for the same period of the previous year
26th October 2018
The management of FairPlay Properties REIT has published the third quarter 2018 financial reports indicating that by the end of September 2018 the revenues from the company’s operational proceeds amount to BGN 3,739 million and report an increase of 49% over the same periodof the previous year. Revenues from sales of production amounted to BGN 1,161 million or 31% of operating income. Other revenues amount to BGN 2 578 thousand and represent revenues from rent and exploitation of real estate, insurance benefits, reservations canceled and others.
At the end of September 2018, the Fund’s operating expenses increased by 15% on an annual basis and amounted to BGN 2,899 million. In the total value of expenditure by economic elements (BGN 2,762 million), the main share of 57% have the external services and amount to BGN 1,589 million as well as the book value of the assets sold – 25% or BGN 0.689 mln. The Company reports a decrease in the financial expenses on an annual basis by 54%, mainly due to a decrease in the interest expenses. At the end of the third quarter of 2018 the company’s interest expense amounted to BGN 124 thousand or decreased by 54% compared to the end of the same period last year.
The the accounting result of the property Fund for the third quarter of 2018 is a profit of BGN 840 thousand.
At the beginning of the fourth quarter, on October 5, 2018, building 3 and building 4 of the FairPlay Properties REIT project in Malinova Dolina (Complex 2) received a permission to use the building.
"FairPlay Properties” REIT is listed on the BSE – Sofia on 17th of February, 2006. Major shareholder in the company is “FairPlay International”, the rest of the shareholders are institutional investors (8 pension and 14 mutual funds) and over 260 individuals and legal entities, retail investors.
The Company is a holder of plenty of prestigious awards such as:
• „Investor of the Year” in the Tourism sector for 2013 for the investment of the Company in the Holiday village “Santa Marina”, Sozopol;
• Second place in the Annual rating of Dnevnik newspaper – “Top 100 best companies on the stock exchange in Bulgaria in 2009” in the category “Best REIT”.
• „Best IR Website”, the Bulgarian Association of Investor Relations Directors for 2008;
• „Company with best Corporate governance for Special investment purpose Companies, 2006”, Investors Association in Bulgaria;
The projects of the Company have also received many prestigious awards, including:
• The Holiday Complex “Santa Marina” is the first Bulgarian holder of the prestigious award Prix d’Excellance Golden Winner, May 2014;
• The holiday village “Santa Marina” holds the great reward in the competition FIABCI Prix D’ Excellance Awards, April 2013;
• The Holiday complex „Santa Marina” was distinguished with the prize “Best Holiday Village 2010” from the Bulgarian Hotel and Restaurant Association;
• The holiday village “Santa Marina”, Sozopol owns the Golden prize “Best Project in Bulgaria” from the Russian magazine „Homes Overseas”;
• The holiday village “Santa Marina”, Sozopol is the holder of the award “Best Marina Project” from the international competition “Best project 2009”, organized in the frame of the year of Bulgaria in Russia;
• The project of the Company Hotel, SPA and Apartments “Saint Ivan Rilski”, Bansko was distinguished with an award from the Bulgarian Hotel and Restaurant Association for “Best holiday 4-star hotel in Bulgaria 2009”;
• The webpage of the holiday village “Santa Marina”, Sozopol was awarded as “Best website in the Real Estates category” from the international web festival “Albena 2008”;
• The largest project of the Fund – the holiday complex “Santa Marina”, Sozopol holds the prize “Holiday complex of the Year” from the competition “Building of the year 2006”.
Milena Zaharieva – Silagi,
Investor Relations Director
Tel.: 02/ 8 199 103; e-mail: email@example.com