DUPD reports USD 15 mln loss in 2012

Real estate developer DUPD (DUPD LN) reported a 5x yoy decline in its net loss in 2012 to USD 15.3 mln. Its operating loss fell 4x yoy to USD 18.3 mln, mainly on a 5.5x decline in impairment losses on land prepayments (to USD 10.2 mln). The company’s cash outflow from operating activities (net of working capital changes) increased 16% yoy to USD 5.7 mln.

The company’s NAV (total equity) decreased 7% over the year to USD 198 mln, driven mainly by declining value in its land bank investments. The company remained cash-rich, while its cash and equivalents contracted 24% yoy to USD 21.7 mln.

In its operating update, the company highlighted the boosted sales of its residential properties in Green Hills and Riviera Villas, its key cash-generating projects. DUPD also stressed on a progress in its Obolon Residential Towers project, where the company reached good pre-sales results and is going to commence above-ground construction work in 2Q13.