Dragon Ukrainian Properties & Development : DUPD – results

Dragon Ukrainian Properties & Development has published results for the year ended 31 December 2013. These show its net asset value falling from $1.65 to $1.48 as they were hit by falling property valuations, notably in the value of their land bank, and also by the fall in value of the Hryvnya, the Ukrainian currency. The board say they “are encouraged with the political developments in Ukraine over the past few months and await further political stabilisation, which hopefully will be followed by some first signs of economic recovery – possibly in 2014″. In the meantime though the property market is seeing ” low investment activity, flat rents and high yields in all sectors”.

Dragon Ukrainian Properties & Development adopted a realisation strategy in February 2014. Cash balances increased from $21.7m to $24.7m during the year. They are expecting $3.7m in Q4 2014 as the second tranche of their dividend from their investment in Henryland arrives.

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