NAV (net asset value) per share before deferred tax stood at euro 13.60 as at 30 September 2009, a 33.4% decrease year-on-year, and a 6% decrease compared to the first half of 2008. NAV per share after deferred tax stood at euro 11.28, a 33.0% year-on-year decrease and a 5.0% decrease over the previous quarter.
BVIC Group's investment properties reached euro 1.19 billion, a 2.0% decrease from year end 2008. The most significant change to investment properties came from the reduction in the inflation rate used in the valuation of the sale and leaseback and BOT assets. Moreover, the valuation of the Group's land plots and under construction land plots were also negatively affected by current market conditions.
The Group's revenue reached euro 40.7 million, an increase of nearly 1% compared to 9 months 2008. Sales of residential assets generated euro 1.2 million of revenue in 9 months 2009, whereas during the same period in 2008 they generated nearly euro 4.7 million in revenue.
The Group's rental revenue reached euro 38.0 million, a 9% year-on-year increase, which stemmed mainly from the new lease agreements that came into effect mainly in September of 2008. These new lease agreements include the Media Saturn lease at 340 Syggrou, as well as the Media Markt lease at 49 Kifissias, and the Panathinakios lease at 1-3 Kifissias. These three lease agreements will contribute euro 2.976 million on an annual basis during 2009, generating an increase of over 6% in rental revenue versus 2008. The remaining 3% year-on-year increase in rental income stemmed from the indexation of the leases in the Group's property portfolio to Greek CPI and 100 bps.
The Group recorded a loss before interest and tax of euro 15.0 million for the period, compared to EBIT (earnings before interest and tax) of euro 86 million as at 30 September 2008. This decrease stemmed mainly from the fact that in 9m 2009 the adverse market conditions led to a euro 27.1 million net loss from fair value adjustment on investment property, whereas there was a net gain from fair value adjustment on investment property of euro 84.4 million in 9m2008 mainly due to the completion of 340 Syggrou Avenue.
Net finance expenses stood at euro 18.7 million, down from euro 66 million at 30 September 2008, mainly due to the fact that finance expense were not significantly burdened by the mark-to market of the interest rate swaps this period, whereas in the same period in 2008 there was a euro 36.4 million net loss from the net fair value of the Group's interest rate swap agreements. Moreover, the fall in interest rates and the restructuring of the Group's debt served to further lower finance expenses.
The Group's loss after tax for the period reached euro 25.5 million, compared to a profit after tax of euro 41.5 million in the nine months 2008.