Listed property company Appeninn booked a first-half loss of EUR 6.2 million as portfolio revaluations resulting from the stronger forint weighed, an earnings report released on Monday shows.
Appeninn booked after-tax profit of EUR 3.4 million in the base period.
The fresh P+L statement shows an EUR 8.8 million property revaluation loss, including a EUR 10.1 million loss due to exchange rate changes.
Revenue rose 5% to EUR 11.3 million. Hungarian properties generated 64% of the total and real estate in Poland 36%.
Gross margin was 66% of revenue.
Appeninn's portfolio had an aggregate market value of EUR 191.2 million at the end of June. The 33 properties in the portfolio had gross leasable area of 180,542 sqm.
Appeninn operates as the local form of a real estate investment trust (REIT) and is required to pay 90% of its earnings as dividend.
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