Supporting profit
Real-estate investment firm Atlas Estates has reported pre-tax profits of R27.7 (zł.104.5) million for H1 this year. Last year, the company recorded a loss of R9.5 (zł.35.8) million over the same period.
Atlas president Quentin Spicer and CEO Amos Pickel attribute the performance to the increased value of the company's property portfolio and the active management of its assets in the long term.
"Atlas' financial results for H1 2007 demonstrate the progress of our operations, along with the focus of the management's vision for finding and managing substantial investments," said Spicer.
After an independent revaluation by Cushman & Wakefield, the value of Atlas' real-estate portfolio grew 56 percent over its value in December 2006 - reaching R513 (zł.1,935) million.
The company is listed on the AIM sub-market of the London Stock Exchange and, since December 2006, the net asset value of Atlas shares on AIM has risen over 13 percent to reach R5.2 (zł.19.6) by the end of last month.
Atlas has invested the majority of capital gains in financing projects throughout the region, including the Platinum Towers residential development, which neighbors the company's Hilton Hotel investment in Warsaw, and three major assets in Romania valued at R25.1 (zł.94.7) million.
Pickel said the company would continue to explore a range of opportunities - from small plots to large-scale retail developments and multi-functional investments.
Atlas has submitted its financial prospectus to the Polish Financial Supervisory Commission in preparation for a debut on the WSE in the coming months.
