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Nov 27, 2007 13:16 EEST
November 27 (SeeNews) - U.K.-based Bulgarian Property Developments (BPD) said on Tuesday its after-tax loss widened by 93.4% to 1.06 million British pounds ($2.2 million/1.5 million euro) in the fiscal year 2006/2007, ended June 30 due to a one-off payment for contract cancellation.
"This was partially due to a one-off payment of 600,000 euro in connection with the reversal of the conditional sale of Ring Road Site Two," the real estate developer company said in a statement.
The Ring Road Site Two, covering a total area of 20,000 square metres, is the second project of the company on the beltway of the Bulgarian capital Sofia, where it plans to build a warehouse and associated offices of approximately 11,000 square metres. The site has received re-zoning from agricultural use to commercial use for half of the site. Prior to the re-zoning, BPD has contracted the sale of the site but decided to cancel the deal after getting the re-zoning allowance.
BPD reported a 979,000 pounds pre-tax loss from its core business in the 2006/2007 fiscal year, compared to a 38,000 pounds after-tax profit a year earlier.
Apart from Sofia, the real estate developer has properties in the Bulgarian second-largest city of Plovdiv, the Black Sea port city of Varna, the northwestern town of Vidin, Ruse, on the Danube River, the northern town of Pleven and Sandanski, in the southwest. Most of the group's project are for commercial development.
BRD (www.bpdplc.com) floated on the Alternative Investments Market (AIM) of the London Stock Exchange in January 2005, raising 4.2 million pounds ($8.4 million/6.0 million euro). It raised a further 32.9 million pounds net in January 2006 and 21.9 million pounds net in June 2007 for the initial phases of the development and construction of the existing projects and for the acquisition of new projects in BPD's pipeline of properties in Sofia, Plovdiv, Varna and Pleven, the company said.
It currently has 26 million pounds cash available for expansion, the company said.
(1 euro = 0.7175 British pounds)
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