FINANCE: AIM-listed investor and developer Raven Russia’s pretax profit slumped from $68m (£41m) to $57m during the six months to 30 June.
Political uncertainty in Ukraine and international sanctions against Russia have “not had a marked impact” on Raven Russia’s business over the six months, according to chairman Richard Jewson.
However, the changing situation could have an “increasing negative effect” on the company’s risk profile, this morning’s statement said.
The company saw rental income in its portfolio of grade-A Russian warehouses increase from $87.4m to $97.8m during the period. The 15m sq ft portfolio is currently 97% let and a further 1.2m sq ft of space is currently under construction in Moscow and slated for completion by the year end. Of this, 646,000 sq ft has been prelet.
IFRS diluted NAV per share increased from $1.21 to $1.16.
sophia.furber@estatesgazette.com
