Pro Kapital Grupp AS net result increased by 218% during the 9 months of 2018 y-o-yThe Company has ended the third quarter of 2018 with remarkable growth across the operating results. 9 months of 2018 showed a positive increase of net result increased by 4 210 thousand euros or by 218% compared to the reference period of 2017 and totalling to positive result of 2 279 thousand euros.
With the completion on development phases across the development areas during 2018, the total revenue of 9 months of 2018 showed an increase of 170% to 21 043 thousand euros compared to 7 796 thousand euros during the same period in 2017. This increase is mainly driven by the sales activities that are expected to grow through upcoming periods with the projects ongoing or to be started during following years. Pro Kapital is focused on developing large development areas, holding a conservative strategy by developing in phases, which gives flexibility and allows to response to the market needs. On the 9th of November, after reporting period, the Company opened Estonia’s first shopping and entertainment centre T1 Mall of Tallinn, with leasable area of 55 000 m2, more than 200 stores and restaurants on a total of 4 floors. T1 is one of the largest commercial and entertainment centres in the Baltic's. With the opening of T1, Pro Kapital is continuing to grow its role not only as a real estate developer but also an asset management company. Pro Kapital has 7 large ongoing or upcoming development projects in Tallinn, Riga and Vilnius. The Company is focused on the growth and long-term value. The Company's shares are traded on the Nasdaq Tallinn Main List, as of 19th of November.
Please find the full report attached to the note.
Allan Remmelkoor Member of the Board Tel +372 614 4920 prokapital@prokapital.ee
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