Eastern Property Holdings Ltd. Announces Interi...

Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Ltd. Announces Interim Unaudited Results for the six 
months ended 30 June 2011 
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The issuer is solely responsible for the content of this announcement. 

Eastern Property Holdings Ltd., a real estate development company focused on
Russia, today announces interim unaudited results for the first half of 2011.


  * Total assets held at fair value were US$ 359.27 million (31 December
    2010: 485.81 million). Though Russian property markets are little changed
    since 31 December, and there has been no deterioration in the quality of
    EPH's assets, the company appointed a new appraiser who has used different
    assumptions in the valuation of the company's development projects. The
    valuations of rental properties were little changed since 31 December 2010.

  * Net loss for the period is US$ 59.13 million (31 December 2010: loss 3.39
    million). This reflects the one-off adjustment of fair values as well as a
    US$ 11.49 milion loss from foreign currency translation due to the strength
    of the Russian ruble against the US$ during the period.

  * NAV per share was US% 69.03 (31 December 2010: 80.54), reflecting the
    adjustment in fair values of our assets.

  * In the closing days of the period, the company sold majority stakes in its
    Moscow properties Berlin House and Geneva House. As of balance sheet date,
    the company had cash and equivalents of over US$ 83 million, with additional
    amounts arriving from the same transaction in July and August.

  * On 7 September, the Board of Directors declared a US$ 5.00 per share
    dividend, to be paid on 20 September to shareholders of record on 19
    September.


Full Report
The full Semi-annual Report 2011, including the Consolidated Interim Financial
Information for the company is available on the company's website. The interim
information is unaudtited.



http://www.easternpropertyholdings.com/Reporting/

Conference Call with Management
EPH management will host a conference call for analysts and investors on
September 13, 2011 at 18.00 CET. Dial-in details and the presentation for the
call are available on the company website.



http://www.easternpropertyholdings.com/Home/



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Eastern Property Holdings Ltd. is an SIX Swiss Exchange-listed real estate
development company focusing on Russia. The company holds interests in office,
residential, retail and parking properties and developments, principally in
Moscow and St. Petersburg. EPH is managed by Valartis International Ltd. a
wholly-owned subsidiary of Valartis Group AG. Additional information on Eastern
Property Holdings is available by contacting Terry Olin, Tel: [phone].
********



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Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA/Case Postale 3458 Geneva Switzerland

WKN: 250817;ISIN: VGG290991014;

Media release including key figures (PDF): 


http://hugin.info/139905/R/1545942/474181.pdf




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Source: Eastern Property Holdings Limited (EPH) via Thomson Reuters ONE

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