Dambovita Center gets town planning approval, faces asset reduction

In line with the market, Plaza Centers, controlled by businessman Mordechay Zisser, saw a general depreciation of its local properties. Plaza Centers reported pre-tax earnings of EUR 68 million in 2008, compared with EUR 227 million in 2007. The firm's annual financial report attributes the significant difference to the disposal of Plzen Plaza in the Czech Republic, price adjustments following the sale of Arena Plaza and gains from financing activity. In the same report, the total asset value increased from EUR 761 million in 2007 to EUR 959 million in 2008, while the net asset value dropped 35 percent to EUR 0.7 billion in 2008, from EUR 1.06 billion in 2007.
Magda Purice