Quinn Group posts $18m loss in Ukraine
Published 19/02/2010 | 07:33
THE Quinn Group's interests in the Ukraine have reported a loss of $18m (€13.2m) according to local filings. The company now operates a large business centre in the Ukrainian capital of Kiev.
The Quinn Group's local subsidiary Univermag Ukriana posted a profit of $1.2m in the previous year according to a filing with the Ukrainian Stock Market and reported by emerging markets title Property Xpress.
The filing showed a large increase in the value of assets in the country, a market being developed by Quinn for several years now.
The Ukrainian assets are owned by Quinn Holdings Sweden AB, which also holds assets in Russia.
The main Ukrainian asset is the Leonardo Business Centre, which Quinn Group describes as one of the group's "prime office complexes in Eastern Europe''. Quinn said recently that the business centre had been extremely successful in attracting premier local and international tenants to set up there.
The Irish Independent reported earlier this month that losses incurred by Sean Quinn's family on their stake in Anglo Irish Bank ended up damaging the performance of the Quinn Swedish company which owns assets in Russia, Turkey, Ukraine and India.
Due to the problems at Anglo Irish Bank in Ireland, loans provided by this company to a related company became impaired.
There is considerable variety to the Quinn assets in eastern Europe, Russia and India, with the Swedish-based company holding assets worth €555m.
Russia is the largest contributor to this asset base with €369m of assets, while €61m of assets are held in Ukraine.
The Russian assets are underpinned by debt of €311m, while the Ukraine operations now have debt amounting to €43.7m.