Globe Trade Centre hurt by declining property portfolio
By Sandile Mchunu
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Globe Trade Centre SA (GTC) said today it expects to report a net loss for the three months to end December due to the expected drop in valuation of the properties.
The real estate development company came to that conclusion after holding preliminary discussions with the valuation experts that it commissioned to value the real estate portfolio of the group.
The group said due to the uncertainty regarding future operating performance as a consequence of Covid-19 and the dampened economic and operating environment in Central and Eastern Europe (CEE), it is expected that the appraised value of its investment properties as at the end of December will decrease when compared to the end of September.
GLOBE TRADE CENTRE S A – Events with a potential impact on GTC consolidated financial statements for the three-month period ended 31December - SENS moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.