Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, AD Shopping Galleries Plc (former ADHP Holdings Public Company Ltd) announces that the results for 2009 are expected to be lower than those in the corresponding period of 2008.
In 2008, there was a profit from revaluation of investment property. The properties remain at the same value this year.
2009 had been affected negatively by finance costs due to the recognition of lease of IMC property as finance lease pursuant to IAS 17 “Lease” as well as the refurbishment expenses, which are recognized via the profit and loss account.
The refurbishment and reformation of IMC into a mall has been completed and started its operation in mid December 2009, which is expected to affect positively the Group’s activities.
In 2008, there was a profit from revaluation of investment property. The properties remain at the same value this year.
2009 had been affected negatively by finance costs due to the recognition of lease of IMC property as finance lease pursuant to IAS 17 “Lease” as well as the refurbishment expenses, which are recognized via the profit and loss account.
The refurbishment and reformation of IMC into a mall has been completed and started its operation in mid December 2009, which is expected to affect positively the Group’s activities.
Thursday, 7 January, 2010 - 09:51