Companies@UA: База компаний Украины

Kyiv, July 28 (Interfax-Ukraine) – Cyprus-based Aisi Realty Public Limited, which was created in 2005 to invest into the real estate market of Ukraine and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE), saw $13.691 million in net losses in 2008, while the company earned a $2.681 million profit in 2007, the company has reported on the AIM of the LSE, referring to the company's audited financial report for 2008.

Its net assets last year shrank by 28.9%, to $82.5 million.

DTZ consulting company said that the value of the company's portfolio as of December 31, 2008 was estimated at $64.8 million, which is 27.9% less compared to June 30, 2008, and 32.3% up against the indicators as of December 31, 2007.

Aisi Realty Public in Q4, 2009 plans to commission the Terminal Brovary logistics complex of 49,180 square meters located in Brovary (Kyiv region). At present, the project's readiness is 75%.

"It has been a hard period for Aisi, as the global credit crisis affected our activities. Nevertheless, we've changed our development strategy, we don't have debts and plan to complete our first project on commercial real estate in Q4, 2009, which would start generating cash flows in Q1, 2010," reads the report, citing Aisi CEO Beso Sikharulidze.

Aisi Realty Public Limited also reported that its new strategy foresees the continuation of the construction of the Bela Logistics Park located near Odesa, which would be realized in stages. As reported, Aisi is in talks with Marfin Bank on the revision of conditions for a $65 million loan to build the complex.

Aisi Realty Public Limited in January to June 2008 earned $26.205 million in net profit, while its net losses year-over-year came to $268,000. Its net assets over the period jumped by 93%, to $142.5 million.