Stock Exchange Announcement
12 November 2010
RomReal Q3 2010 Results
RomReal hereby announces the highlights in connection with the Q3 2010 results:
- Statutory Net Asset Value (NAV) under IFRS was EUR 0.81 (NOK 6.6) per share at the end of Q3 2010, a decline of 2.4% compared to the end of Q2 2010.
- Pre-tax loss in Q3 2010 of EUR 173,000. Total assets at the end of Q3 2010 were EUR 55.59 million.
- The Company's cash position at the end of Q3 was EUR 2.57 million. Payroll expenses were 20% less compared to Q2 2010, following a further reduction in the number of employees, to five (5).
- On the Corallia apartment project, as of the date of this report, all of the 37 the apartments and commercial areas have been sold. There is however, an ongoing arbitration process with one of the buyers.
- After the end of Q3, the company successfully sold the 'Bus Station' plot in Constanta for EUR 2.3 million. As agreed during discussions with Alpha Bank regarding a two year extension of the loan, EUR 2.1 million of the proceeds have been used for a partial repayment of the loan.
RomReal invites investors, analysts and media to the results conference call, to be held at 9.00 a.m. Oslo time on Friday 11th November 2010.
Those who would like to attend the conference call should dial:
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The conference call will be recorded and made available to download from www.romreal.com shortly after the call has ended.
For further information, please contact:
Harris Palaondas, Investor Relations
Mob: +40 73 11 23 037
E-mail: investors@romreal.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)