Eastern Property Holdings: 2011 Year End Results
Eastern Property Holdings (EPH) reports a net loss of US$ 55.97 million, or US$ 13.13 per share for 2011. The largest components of this loss were EPH's share of losses from associated companies, foreign exchange losses, and revaluations of investment properties.
The profitable sale of 90% interests in EPH's two Class-A mixed-use office and retail properties on Moscow's Petrovka Street in 2011 was a milestone transaction for the company. Proceeds from the sale were used to resume construction on the company's Arbat projects, complete and open the parking facility on Turgenevskaya Square, reduce debt, and pay a US$ 5.00 per share dividend to shareholders in September 2011.
EPH's net assets at year-end 2011 were US$ 276.5 million, or US$ 64.87 per share.
EPH's 2011 Annual Report is now available on the company's website: www.easternpropertyholdings.com/Reporting/
CONFERENCE CALL WITH MANAGEMENT
Please join management for a conference call to discuss EPH's 2011 results today,
Wednesday, 28 March 2012 at 18:00 (CET).
The presentation for the call will be available from 17:30 (CET)
at www.easternpropertyholdings.com
Dial in: +41 58 262 07 22
Access Code: 147 772
Eastern Property Holdings Ltd. is an SIX Swiss Exchange-listed real estate development and investment company focusing on Russia. The company holds interests in office, residential, retail and parking properties and developments, principally in Moscow and St. Petersburg. EPH is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis Group AG.
Additional information on Eastern Property Holdings Ltd. is available by contacting Terry Olin, Tel: +41 22 716 1035.
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