Metro Baltic Horizon FY Pretax Loss Narrows, Seeks Financing Options

24th Jun 2010 13:31

LONDON (Dow Jones)--Metro Baltic Horizons PLC (MET.LN) said Thursday that for the year ended Dec. 31, 2009, it made a pretax loss of EUR8.6 million compared with a loss of EUR29.7 million a year earlier. MAIN FACTS: -Net asset value per share (NAV) after deferred tax liabilities declined by 44% to EUR0.39 (Dec. 31, 2008: EUR0.69). -The NAV is derived from the Group's Russian (64%), Estonian (33%) and Latvian (3%) assets, after pro-rating central liabilities. -Net loss EUR8.6 million (2008: loss EUR27.7 million) -Pretax loss EUR8.6 million (2008: EUR29.7 million) -Loss after tax of EUR7.9 million (2008: loss of EUR25 million). -Loss per share 27.2 cents (2008: loss 95.9 cents) -Total gross property portfolio (including minority interests) valued at EUR35.8 million (Dec. 31, 2008: EUR42.5 million). -At year end, the Group had a total of EUR20.3 million of asset-level bank debt, of which EUR14 million related to the Metro Plaza development in Tallinn. -EUR1.9 million of secured, high-yield bonds also issued during the year. -Increased to c.EUR2.6 million since year end. -Working capital pressures continue and various strategic and financing alternatives, including the raising of funds through the placement of additional equity capital are under active consideration. -Market conditions continue to be extremely challenging. -Shares at 1228 GMT unchanged at 13.8 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 24, 2010 08:31 ET (12:31 GMT)