Homburg Invest Inc Financial Results second quarter ended June 30, 2011

Indonesia stock info Homburg Invest Inc Financial Results second quarter ended June 30, 2011 ; (TSX: HII.A & HII.B and NYSE Euronext Amsterdam: HII) - Homburg Invest Inc. ("Homburg Invest" or the "Company") announced today its financial results for the second quarter ended June 30, 2011, prepared under International Financial Reporting Standards ("IFRS").

Financial Results (Quarter ended June 30, 2011)

Property revenues from continuing operations were $31.9 million during the second quarter ended June 30, 2011, compared to $31.2 million for the same quarter in 2010, an increase of $0.7 million.

Net operating income (NOI) was $25.2 million in the second quarter of 2011, compared to $26.6 million in the second quarter of 2010, a decrease of $1.4 million. The decrease is primarily due to the $0.6 million in head lease commitments incurred in the second quarter that were not present in the same quarter in 2010.

The Company incurred a loss before taxes from continuing operations of $40.2 million for the second quarter ended June 30, 2011, compared to loss before taxes of $4.3 million in the same period in 2010. The decrease is due primarily to a $12.8 million net decrease in the fair value of investment properties, a $14.2 million decrease in the value of investment properties under development, and a foreign exchange loss of $7.8 million recorded in the second quarter of 2011, compared to a gain of $6.5 million in the second quarter of 2010, a variance of $14.3 million.

For the three-month period ended June 30, 2011, the Company's net loss was $41.1 million or $2.08 per share, compared to a net loss of $112.7 million or $5.60 per share in the second quarter of 2010.

Funds from operations (FFO), net of the sale of properties developed for resale, were a $1.8 million net loss for the three-month period ended June 30, 2011 compared to a net loss of $2.6 million recorded for the same period in 2010.

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