Central European property owner and developer ABLON Group posted a loss after tax of €25.1m for the year to the end of December against a profit of €26.4m for 2010.
The company said the loss was the result of a deferred tax expense following corporate tax changes and a decrease in property values.
Revenue fell slightly to €30.4m from €30.7m. The group said revenue in all segments grew compared with 2010, except for residential sales of the Viva Residences apartments with 20 units handed over in 2011 compared to 44 handovers in 2010.
Total equity stood at €207.5m (2010: €235.2m), while the company’s property portfolio was valued at €484m (2010: €515m).
ABLON’s loan-to-equity ratio was 110.1% (31 December 2010: 101.8%) and the group reported positive operative cash flow of €5.6m (2010: €0.1m).
