The revenue of Arricano Real Estate Plc (Cyprus), a management company and developer of a number of shopping and entertainment centers in Ukraine, for January-June 2022 amounted to $13.2 million, which is 22% less than the results of the first half of 2021.

According to unaudited interim results for the six months of 2022, posted on the website of the London Stock Exchange, the group's operating profit from core activities before revaluation of investment property decreased by 27% compared to the first half of 2021, to $8.7 million.

As of June 30, 2022, the average occupancy rate was 98.4% (2021 – 99.5%).

"Our operational performance has been dramatically impacted by the military invasion of Ukraine by Russia. For four of the six months under review, our team and tenants have been operating under extraordinarily stressful circumstances where, to keep working, required dedication, selflessness and unconditional faith in our people and country. Thanks to their often heroic efforts, we managed to keep the business operating through the initial months of the crisis and are now well positioned to emerge again, once the war ends, with the ability to continue to grow and focus on our long-term goals," Hanna Chubotina, Chief Executive Officer of Arricano, commented.

"The revaluation of the investment property portfolio resulted in a loss of $ 91.1 million, caused by the multiple negative financial impacts of the invasion by Russia. The total value of investment property portfolio comprised $ 231.1 million," the report says.

"Cash flow from operating activities was $ 8 million with group cash balances as on June 30, 2022 of $ 12.6 million," the report says.

Net asset value decreased to $ 83.2 million, reflecting the portfolio revaluation.

"Shopping mall visitor numbers sharply decreased initially following the conflict in Ukraine. However, as the threat to Kyiv receded in July, visitor numbers began to recover, reflecting the return of people to their homes, having in many cases migrated to safer parts of the country. We continue to see a positive trend in visitor numbers on a month-to-month basis which has in turn led to a partial recovery in sales and cash flow from operations," the group said.