TRASTOR REAL ESTATE INVESTMENT COMPANY
2008 ANNUAL FINANCIAL RESULTS
INCREASE OF 8,4% IN NET PROFIT PROPOSED DIVIDEND euro 0,13 PER SHARE
The profit after tax of PIRAEUS REIC for the fiscal year 2008 amounted to euro 9.971 K versus euro 9.199 K for the fiscal year 2007, thus showing an increase of 8,4%, which is attributed to fair value adjustments, the materialized profits from the sale of investment properties with the parallel reduction of operating expenses by 15,5%.
Basic earnings per share for the year 2008 amounted to euro 0,1817 against euro 0,1676 for 2007, increased by 8,4%.
Pre-tax profit amounted to euro 10.540 K for the year 2008, compared to euro 9.749 K of the previous year 2007, presenting an increase of 8,1%. Total taxes stood at euro 568 K versus euro 550 K in 2007, with the tax rate decreasing by 0,25%
Rental income in the year of 2008 amounted to euro 7.206 K, against euro 7.974 K last year, showing a 9,6% decline due to the sales of investment properties that took place during the 1st semester of 2008.
Total operating expenses amounted to euro 2.088 Κ, decreased by 15,5% compared to 2007.
Total assets of Piraeus Real Estate Investments S.A stood at euro 116.357 K at the end of the year 2008 versus euro 113.675 K on 31.12.2007, increased by 2,36%.
The companys total investment properties value, at the end of the year 2008, amounted to euro 95.626 K compared to euro 99.755 K on 31.12.2007, showing a decrease of -4,1%. Total investments, concerning 26 properties throughout the Greek territory, account for 82,2% of the companys total assets.
The return of rental income on investment portfolio value was 7,5% in the year of 2008 against 8,0% in 2007.
The Board of Directors of Piraeus Real Estate Investments S.A. will propose at the Ordinary General Meeting of Shareholders which is scheduled to take place on 25.02.2009, the distribution of dividend equal to euro 0,13 per share, at the same level as the dividend of 2007. The proposed dividend represents a 11,6% dividend yield on the share closing price at 31.12.2008 (euro 1,12 / share), or 10,1% yield on yesterdays closing price (euro 1,29 / share) and is not charged with the additional 10% tax on dividends.
The profit after tax of PIRAEUS REIC for the fiscal year 2008 amounted to euro 9.971 K versus euro 9.199 K for the fiscal year 2007, thus showing an increase of 8,4%, which is attributed to fair value adjustments, the materialized profits from the sale of investment properties with the parallel reduction of operating expenses by 15,5%.
Basic earnings per share for the year 2008 amounted to euro 0,1817 against euro 0,1676 for 2007, increased by 8,4%.
Pre-tax profit amounted to euro 10.540 K for the year 2008, compared to euro 9.749 K of the previous year 2007, presenting an increase of 8,1%. Total taxes stood at euro 568 K versus euro 550 K in 2007, with the tax rate decreasing by 0,25%
Rental income in the year of 2008 amounted to euro 7.206 K, against euro 7.974 K last year, showing a 9,6% decline due to the sales of investment properties that took place during the 1st semester of 2008.
Total operating expenses amounted to euro 2.088 Κ, decreased by 15,5% compared to 2007.
Total assets of Piraeus Real Estate Investments S.A stood at euro 116.357 K at the end of the year 2008 versus euro 113.675 K on 31.12.2007, increased by 2,36%.
The companys total investment properties value, at the end of the year 2008, amounted to euro 95.626 K compared to euro 99.755 K on 31.12.2007, showing a decrease of -4,1%. Total investments, concerning 26 properties throughout the Greek territory, account for 82,2% of the companys total assets.
The return of rental income on investment portfolio value was 7,5% in the year of 2008 against 8,0% in 2007.
The Board of Directors of Piraeus Real Estate Investments S.A. will propose at the Ordinary General Meeting of Shareholders which is scheduled to take place on 25.02.2009, the distribution of dividend equal to euro 0,13 per share, at the same level as the dividend of 2007. The proposed dividend represents a 11,6% dividend yield on the share closing price at 31.12.2008 (euro 1,12 / share), or 10,1% yield on yesterdays closing price (euro 1,29 / share) and is not charged with the additional 10% tax on dividends.