Stock Exchange Announcement
15 May 2009
RomReal Q1 2009 results
15 May 2009
RomReal is pleased to report the highlights in connection with the Q1 2009 results:
- Statutory Net Asset Value (NAV) under IFRS was EUR 1.19 (NOK 10.60) per share at the end of Q1 2009, a slight decline of 2% compared to the end of Q4 2008.
- Pre-tax loss in Q1 2009 of EUR 1.79 million. Total assets at the end of Q1 2009 were EUR 78.29 million. No asset write-downs were made during the quarter.
- Operational expenses were cut by 48% from Q1 2008 to Q1 2009, mainly due to a reduced number of employees and tight cost control.
- On the Corallia apartment project the building structure was fully completed during Q1 2009, and all concrete work is expected to be finished at the time of reporting (15 May 2009). The internal finishing has been initiated on all floors and is progressing well.
- Final steps have been taken to divest 14,000 sqm. of un-zoned land to the Government, this with a solid profit and an agreed cash settlement in Q2 2009 of EUR 189,000.
RomReal invites investors, analysts and media to the results conference call, to be held at 9.00 a.m. Oslo time on Friday 15 May 2009.
Those wishing to attend the conference call are invited to dial:
UK Freefone dial-in number: 0800 387 772
International Dial-in number: +44 1296 480 180
UK Direct dial-in number: 01296 480 180
Participant passcode: 568 470#
The call will be recorded and immediately available to download from www.romreal.com.
For further information, please contact:
Those wishing to attend the conference call are invited to dial:
UK Freefone dial-in number: 0800 387 772
International Dial-in number: +44 1296 480 180
UK Direct dial-in number: 01296 480 180
Participant passcode: 568 470#
The call will be recorded and immediately available to download from www.romreal.com.
For further information, please contact:
Ulf Lund, Investor Relations
Tel: +44 20 7802 1928
Mob: +44 7920 501 090
E-mail: investors@romreal.com