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RECI records net loss of €10.8m

By BFN News | 09:43 AM | Tuesday 29 November, 2011


Real Estate Credit Investments (RECI) recorded a net loss of €10.8 million in the second quarter following mark-to-market losses on the investment portfolio; a reflection of lower bond prices and volatility surrounding the Eurozone debt crisis. The company also reported an 8% increase in operating income from €1.9 million to €2.1 million and a strong cash balance of €18.3 million as of 30 September, up from €4.6 million as of 30 June The company declared a dividend of 0.86p per share in respect of RECI Ordinary Shares Tom Chandos, Chairman of RECI PCC said: "In a tough trading environment it is vital that RECI retains a focus on its long term strategy while maintaining a defensive bias on investment decisions. "With low loan-to-value ratios, backing of high quality assets and primary exposure to UK and Germany, RECI has full confidence in the fundamental strength of its real estate bond portfolio." At 9:43am: (LON:ERII) share price was -0.01p at 0.18p (LON:RECI) share price was -1.5p at 80.5p (LON:RECP) share price was 0p at 92.5p Story provided by StockMarketWire.com

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