April 7, 2017 / 6:13 AM / in 7 months

BRIEF-AFI Development FY net loss narrows to $47.9 million

April 7 (Reuters) - AFI Development Plc:

* Says 2016 revenue for year, including proceeds from sale of trading properties, reached US$138.3 million (48.2 percent increase year-on-year)

* Net loss for 2016 amounted to US$47.9 million, against a loss of US$466.7 million in 2015, largely due to valuation losses in H1 2016

* Cash, cash equivalents and marketable securities as of Dec. 31, 2016 stood at US$16.7 million

* Rental and hotel operating income declined 10.0 percent year-on-year to US$83.6 million, mainly due to rouble depreciation

* Looking to 2017, we expect market conditions to gradually improve and general macroeconomic environment to remain somewhat challenging

* NOI declined to US$50.1 million in 2016, from US$53.3 million in 2015, mainly due to slightly decreased average rent in dollar terms across the centre Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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