(MENAFNEditorial) AS Pro Kapital Grupp estimates the turnover and net profit of the company to increase significantly in 2018 mainly due to the estimated successful completion of the T1 Mall in Tallinn and the completion of the first stage of the Kliversala, Riga residential project.
On 15.01.2018 the Supervisory Council of AS Pro Kapital Grupp approved the 2018 budget of the company with projected revenues in the range 35-40 million €, which is an increase of 200–250% compared to the 2017 estimation and a 70-95% increase compared to 2016. In 2015 - 2017 the company has been operating with a negative net result due to lack of completed projects to record sufficient real estate sales revenue, but aims to conclude 2018 with a positive net result in the range of 2-3 million €.
The company has shown its ability to develop income producing properties and in 2018 many of the long-run projects start to yield profit. This is a realistic estimate, which is why the company is disclosing this future-forward information to all its shareholders and stakeholders at this point in time rather than waiting until the AGM or Q2'18 results,' said Paolo Michelozzi, the CEO.
Last year the company notified its shareholders about a change in its dividend policy and has just paid out dividends of 0,015€ per share to its shareholders this week.
Allan Remmelkoor
Member of the Management Board
Tel.: +372 6144 920
Email:
MENAFN1701201800703653ID1096362896
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