Nanette Real Estate Group, the Central & Eastern European focused residential real estate developer, reported a pre-tax loss of EUR 5.6 mln in the first half of 2009 compared to a profit of EUR 4.4 mln in the year-earlier period. Turnover plunged to EUR 2 mln from EUR 10.6 mln a year ago.
Nanette Real Estate Group, the Central & Eastern European focused residential real estate developer, reported a pre-tax loss of EUR 5.6 mln in the first half of 2009 compared to a profit of EUR 4.4 mln in the year-earlier period. Turnover plunged to EUR 2 mln from EUR 10.6 mln a year ago.
The company attributed the loss to exposure to weakening currencies in CEE and devaluation of its investment in Ukraine. Despite the current global weakening, the company said it was encouraged by the positive activity in Poland that continued to grow in the second quarter, where the market has picked up again at the end of February. In the last six months it sold more than 170 apartments, which represents a substantial growth, compared to the total number of flats it sold (86) during the whole year of 2008.
Last week, Nanette's board of directors said it planned to cancel the company's listing on AIM due to lack of liquidity. The Amsterdam-based company will join a growing band of small-cap companies that are exiting London's junior market AIM, saying that low share price and an illiquid stock were preventing it from raising funds.
