The Company has shown growth across the financial results during the 12 months
of 2018. The total revenue increased by 99% or by 14 million euros during the
12 months of 2018, totalling to 28.0 million euros compared to 14.1 million
euros, including discontinued operations, in the comparable period of 2017. The
total revenue of the 4(th) quarter of 2018 was 6.9 million euros compared to
4.3 million euros during the same period in 2017. Revenues have increased in
real estate and rent segment due to completion of multiple buildings in Tallinn
and Riga. The real estate sales revenues are recorded at the moment of handing
over the premises, therefore the revenues depend on the completion of the
residential developments.
The operating result of 12 months in 2018 increased by 19.1 million euros,
totalling to operating profit of 21.5 million euros, compared to profit of 2.4
million euros, including discontinued operations, during the 12 months of 2017.
The operating profit of the 4(th) quarter of 2018 was 16.7 million euros
compared to 1.2 million euros profit during the same period of 2017. Operating
result includes profit from increase in fair value of investment properties
recorded at the end of the reporting period. Total impact from revaluation in
2018 is 18.0 million euros.
The Company's 2018 12-month net profit was 18 million euros, which was an
improvement of 18.5 million euros compared to 0.5 million euros loss during the
same period of 2017. The net result was significantly influenced by increase in
value of investment property due to completion of T1 Mall of Tallinn. T1, opened
in the 4(th) quarter of 2018, will have significant impact to the future
revenues, as well as completion and sales of ongoing development phases. Pro
Kapital foresees continuous growth through the performance of the company.
Allan Remmelkoor
Member of the Board
+372 614 4920
prokapital@prokapital.ee
Attachment
* PKG Q4 2018 ENG (https://ml-eu.globenewswire.com/Resource/Download/85f7d80c-
dcec-40aa-b720-8c1499d68999)
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