XXI Century releases 1H09 and 2008 financial results

Yesterday Ukrainian real estate developer XXI Century Investments (XXIC LN) announced its unaudited interim 1H09 financial results, reporting revenue of USD 10.6 mln, down 27% yoy. The company said its gross profit during the period was USD 4.3 mln, down 67% yoy, due to higher construction costs related to finalizing premises. XXI Century said it wrote down the fair value of its investment property by USD 24.5 mln since December 31, 2008 to reflect the recession and drop in property values. The company’s portfolio was valued by CB Richard Ellis as of June 30, 2009 at USD 406 mln. NAV, excluding minorities as of June 30, was USD 124 mln vs. USD 165 mln as of December 31, 2008. XXI Century also published its 2008 annual report and consolidated financial statements. Trading in XXI Century shares in London was suspended in July over its failure to publish 2008 financials.