TRASTOR REAL ESTATE INVESTMENT COMPANY
Press Release
FIRST QUARTER 2008 RESULTS
At the end of March 2008 total assets of Piraeus Real Estate Investment Company SA amounted to euro 116,0 mn, versus euro 112.7 mn at the end of March 2007, thus increased by 2,9%.
The investment property of the company at the end of March 2008 amounted to euro 101,33 mn as opposed to euro 99.93 mn a year ago, enhanced by 1.43%. Total investment property portfolio, which includes 29 property ownerships in Greece, constituted 87,3% of the assets.
Income from leased assets amounted to euro 1.896 thousand in Q1 2008 compared to euro 2.012 thousand the same period last year, presenting a decrease by 5,8% mainly due to sale of investment properties.
Company's total operating expenses amounted to euro 484 thousand in Q1 2008, presenting a decrease by 3% compared to the same period last year.
Profit before tax amounted to euro 2.547 thousand in Q1 2008 compared to euro 2.741 thousand in Q1 2007. The decrease of profits before taxes, compared to same period last year, is mainly due to the decrease of rental income as well as gains from adjustments to fair values.
Tax expenses amounted to euro 144,6 thousand against euro 133.1 thousand the same period last year, risen by 8,64% following the increase of the interest rate by the Central European Bank, constituting the taxing base of the company. Hence, profit after tax amounted to euro 2.403 thousand against euro 2.607 thousand in Q1 2007.
Basic EPS in Q1 2008 amounted to euro 0,04 against euro 0,05 of the respective period last year.
At the end of March 2008 total assets of Piraeus Real Estate Investment Company SA amounted to euro 116,0 mn, versus euro 112.7 mn at the end of March 2007, thus increased by 2,9%.
The investment property of the company at the end of March 2008 amounted to euro 101,33 mn as opposed to euro 99.93 mn a year ago, enhanced by 1.43%. Total investment property portfolio, which includes 29 property ownerships in Greece, constituted 87,3% of the assets.
Income from leased assets amounted to euro 1.896 thousand in Q1 2008 compared to euro 2.012 thousand the same period last year, presenting a decrease by 5,8% mainly due to sale of investment properties.
Company's total operating expenses amounted to euro 484 thousand in Q1 2008, presenting a decrease by 3% compared to the same period last year.
Profit before tax amounted to euro 2.547 thousand in Q1 2008 compared to euro 2.741 thousand in Q1 2007. The decrease of profits before taxes, compared to same period last year, is mainly due to the decrease of rental income as well as gains from adjustments to fair values.
Tax expenses amounted to euro 144,6 thousand against euro 133.1 thousand the same period last year, risen by 8,64% following the increase of the interest rate by the Central European Bank, constituting the taxing base of the company. Hence, profit after tax amounted to euro 2.403 thousand against euro 2.607 thousand in Q1 2007.
Basic EPS in Q1 2008 amounted to euro 0,04 against euro 0,05 of the respective period last year.