Raven Russia, the AIM-listed warehouse developer, has posted a 16% fall in net asset value per share to 72p for the six months to 30 June after suffering falls in the value of its portfolio.
The company reported a revaluation deficit of $129m (£78m) in the period, which contributed to a pretax loss of $150m (£91.40m) compared with a profit of $58m (£35.34m) the year before.
Deputy chairman Anton Bilton said: “The result of this is that we carry our assets at below current replacement cost for the portfolio.
“The global financial crisis has led to an ultra-conservative approach by valuers where investment returns are irrelevant. We are not aware of any transactions taking place in the market and finance is scarce.”
However, Bilton added: “Annualised net operating income has increased 35% in the year, to $70m (£42.65m).
“We have substantial cash resources, prudent gearing and increasing operating cash inflows. A strong set of results in the current climate.”
The company said it had “comfortably met” all cash covenants on its debt facilities and no loan-to-value (LTV) covenants had been breached, but this was a possibility on some loans if lenders requested new valuations.
