Plaza Centers NV - property investor in India - Pretax loss narrows but net finance costs grow due to foreign currency losses on bonds, including inflation. Pretax loss narrows to €27.1 million in 2021 from €33.5 million in 2020 due to share in results of equity accounted investees and administrative expenses.

Total assets reduce by €2.7 million to €9.8 million from €12.5 million as a result of the decrease in equity accounted investees. Loss in 2021 is ‘mainly due to finance expenses on bonds,’ the company explains. Loss per share is €3.95, down from €4.89.

Revenue and gains fall to €386,000 from €1.5 million. Net finance costs surge to €24.2 million from €8.1 million, mainly due to foreign currency losses on bonds, including inflation, the firm says.

Looking ahead, the company’s priorities are focused on efforts to unblock the current status of the Casa Radio project, getting further proceeds for Bangalore. Plaza Centers also intends to seek for bondholders’ approval for postponement of the repayment of the bonds.

Current stock price: 75.00 pence, untraded on Thursday

12-month change: down 98%

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