Carpathian Plc (CPT), which invests in retail properties in central and eastern Europe, expects to refinance 64.7 million pounds ($117 million) in bank borrowings by the end of 2008, Director Paul Rogers said.
``We are in the process of renewing our debt facilities and are hopeful that that should be put in place by the end of this year,'' Rogers said in a telephone interview today.
The property investor signed three new loans in the first half, including two used to begin construction on properties in Latvia and Romania, Carpathian said in a statement today. Total new debt amounts to 133.6 million pounds.
Net income in the six months ended June 30 rose 43 percent to 8.58 million pounds, or 3.7 pence a share, from 5.98 million pounds, or 3.6 pence a share, a year earlier, Carpathian said.
``We are fully invested now,'' Roger said. ``Other than one or two strategic buys we won't be buying.'' Carpathian, based in Douglas, Isle of Man, builds and rents supermarkets, shopping centers and warehouses in Croatia, the Czech Republic, Hungary, Poland, Romania and Slovakia.
Carpathian rose 0.25 penny, or 0.8 percent, to 32.75 pence in London. The stock has fallen 61 percent this year, giving the company a market value of 76 million pounds.
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