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Raven Russia narrows FY losses

Property investment group Raven Russia narrowed full year losses and said it well positioned to provide solid returns.

For the year ended 31 December 2009 the group posted a pre-tax loss of $148.3m compared with a $189.4m loss a year earlier.

"The group's losses for the year reflect the significant valuation downgrade reported in the first half of the year and the fact that we started 2009 with empty space and buildings under construction," the company said in a statement.

Net rental and related income rose to $50.3m from $39.m before.

Raven Russia has recommended a final dividend of 0.5p per share, bringing the total dividend for the year to 1p compared to 3p a year a year earlier.

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