The company invests in freehold properties in affluent parts of
In a statement, the company said the Hungarian residential property market remains depressed and it isn't clear about the outlook.
It swung to a net profit of
However, rental income fell to
"As mentioned in previous reports, reduced revenue income as the group sells further properties, coupled with relatively fixed direct costs makes it difficult for the group to make a positive contribution," it said.
Its reported net assets were
It is buying back shares so that shareholders can exit what is an increasingly illiquid asset.
"Our strategy for the remainder of year is to continue to work on reducing the group's costs and to sell further properties from the portfolio, using the sales proceeds to reduce debt and buy back shares," it said.
Pactolus said it continues to be disappointed with its Hungarian property agent and has started talks with another agent with a view to attempting to maximise the returns from its estate.
Its shares were up 1.7% at
Most Popular Stories
- U.S. Families 'Extraordinarily Vulnerable': Yellen
- Hillary Clinton to Address CHCI Conference
- Larry Ellison Steps Down as Oracle CEO
- Alibaba Prices IPO at $68 a Share
- Apple Locks Itself Out of Devices
- Veterans to Get Training as Solar Panel Installers
- Hispanics Doubt Marco Rubio's Chances
- Wildfires Rage in California
- John Cantlie Delivers ISIS Message to Save Life
- Alibaba: Today China, Tomorrow the World