National Pangaea reports higher Q1 results

National Pangaea said its first quarter results improved slightly compared with the same period in 2016, with consolidated turnover rising 0.2 pct to 28.7 million euros in the January-March period from 28.6 million in 2016, while pre-tax earnings grew 2.1 pct to 19.8 million euros form 19.4 million last year.

Net earnings totaled 17.1 million euros in the first three months of 2017, from 19 million euros last year (a decline of 10.1 pct), a development attributed to changes in the tax framework of property development companies. Taxes grew to 2.7 million euros in the first quarter from 400,000 euros in the same period in 2016.

National Pangaea said its net asset value was 1.212 billion euros or 4.74 euros per share in March 31, 2017 (up from 1.195 billion euros or 4.68 euros per share in December 31, 2016).
National Pangaea said its portfolio included 333 commercial property assets, most of them in Greece, with 14 in Italy and two in Romania.