Eastern European Property Fund reports net income after tax of £0.3 million for the six months to the end of June against a loss of £1.3 million last time, representing earnings per ordinary share of 2.24p (30 June 2015: loss of 8.30p).
Rental income in the period remained steady compared to the first six months of 2015.
Excluding Turkey, where rental income has naturally decreased as properties have been sold, rental income in respect of the property in Bulgaria has remained steady and in Romania, rental income has increased. During the period ended 30 June 2016, operating expenses slightly increased by 1.0% (before accounting for accrued performance fees), compared to the same period in 2015.
Cost control is a key focus of the Board and expenses are expected to reduce further as EEP continues its orderly realisation of investment properties. EEP's consolidated net asset value at 30 June 2016 was £15.7 million, representing 100.79p per Ordinary Share (31 December 2015: £15.8 million, 101.46p per Ordinary Share). The company's share price decreased by 1.25p during the period from 50.75p at 31 December 2015 to 49.50p at 30 June 2016, with the discount to NAV widening from 50.0% at 31 December 2015 to 50.9% at 30 June 2016.
(LON:EEP) Eastern European Property Fund Ltd share price was +1p at 50.5p