Commercial Property News

Mountview Estates Q1 profits down 30%

Residential property company Mountview Estates Plc. said profits for the first quarter are 30% lower than year-ago levels and that the quarter may prove to be typical of the full year.

However, the company said trading conditions are very difficult and therefore it is not disappointed with its sales performance so far. It added that purchasing activity has continued to be strong, leading to a significant increase in borrowings.

The company said that though the increase was planned and remains at a manageable level, the increased interest charges will have a marked impact on profits. Consequently the board is placing an emphasis on the repayment of debt in the short term.

 

Wed, 13th Aug 2008

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