October 14 (SeeNews) - Bulgarian real estate investment trust (REIT) FairPlay Properties said on Wednesday it posted a net profit of 1.479 million levs ($1.1 million/756,000 euro) in the first nine months of 2009 on sales revenue of 22.9 million levs.
The company provided no comparative figures.
Sales of apartments in two residential complexes – Santa Marina and St. Ivan Rilski, generated the bulk of sales revenue through September at 17.1 million levs, FairPlay Properties said in a statement.
The company expects to get another 4.3 million levs in revenue by the end of 2009 from apartment sales that have been contracted but are yet to be finalised, it added.
The company is close to hitting the profit target set at the start of the year, FairPlay Properties executive director Manyu Moravenov said in the statement.
In March, FairPlay Properties (www.fpp.bg) said it expects to end 2009 with a distributable profit of 2.0 million levs, sharply down from the 7.765 million levs in earnings it posted last year.
The REIT is 66.8%-owned by local construction, property development and investment company FairPlay International. The remaining equity is in the hands of institutional and retail investors.
Shares of FairPlay Properties, listed on the bourse of Sofia since February 2006, were not traded by 0900 GMT on Wednesday. They closed up 29.73% at 0.48 levs on Tuesday.
(1 euro=1.95583 Bulgarian levs)