KDD reports net loss of USD 294 mln
9 June 2009
KDD Group (KDDG LN) reported its 2008 financial results on Friday in a RNS release: the company reported a net loss of USD 294.1 mln (vs. net income of USD 105.4 mln in 2007); it attributed the loss to a revaluation of its assets by Colliers international. KDD also said it had a loss before tax of USD 380.1 bln (vs. PBT of USD 143.1 mln in 2007), and revenue from operations of USD 848 ths (vs. USD 623 ths in 2007). The company said that due to macroeconomic difficulties, the fair value of its investment property had declined to USD 261.5 mln. KDD said that currently it is only continuing construction on its Sky Towers project, where it can draw on an existing credit line.
