XXI Century Assets Increase 188% in 1H07

XXI Century Investments (XXIC LN: N/R) increased its assets in the first six months of the year by 188% to USD 1.498 bln, according to the company. Most notably, XXI Century’s NAV got a 170% boost at the end of August. Profit-before-tax equaled USD 1.01 bln, while sales increased to USD 6.1 mln (up 54% yoy). Alexander Romanov: Both the company’s NAV and profit-before-tax have increased following the revaluation of its portfolio done by Jones Lang LaSalle from USD 486 mln up to USD 1.542 bln. At the same time, the majority of the projects in the company’s current portfolio remain at an early stage of development and require substantial financing in order to realize the value.