Real estate developer Pangaea Real Estate Ltd. (TASE:PNGD) today published its financial report for the fourth quarter of 2007 and the year as a whole. The company's revenue for 2007 increased almost seven-fold to NIS 63.38 million from NIS 9.07 million in 2006. The increase resulted primarily from the sales of property which generated NIS 42.9 million in revenue, as well rental income which rose to NIS 9.62 million in 2007 from NIS 2.58 million a year earlier.
Pangaea also saw an increase in its various expenditure items, which totaled NIS 30.85 million in 2007 compared with NIS 7.27 million in 2006. Financing costs were the highest of all, increasing to more than NIS 18 million in 2007, from NIS 4.25 million a year earlier.
Net profit for the year soared to NIS 22 million, $1.65 per share, from NIS 1.4 million, $0.12 per share in 2006.
Pangaea's share soared 30.5% yesterday after it was disclosed that the company had obtained an estimate from global real estate services company Cushman & Wakefield for a 600-acre plot in Saint Petersburg, Russia, which gave a valuation of $1 billion, tenfold the price the two companies paid for the land. Pangaea will nevertheless record the asset on a cost basis in its financial report, since the valuation is inadmissible as an item in a financial statement.
© Copyright of Globes
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment