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Russian warehouse investor Raven Property swung to a full-year profit, thanks to rising property valuations and rental income, amid a stable ruble exchange rate.
Pre-tax profit for the year through December amounted to £65.1m, swinging from a loss of £114.9m on-year when the company took a hit on the value of its portfolio.
Net operating income rose 7% to £126.5m.
'We are very proud of these excellent results which demonstrate the potential of our business,' chief executive Glyn Hirsch said.
'Understandably given recent events our focus is now on managing the business through this volatile period.'
At 9:48am: (LON:RAV) Raven Property Group Limited Ord 1p share price was -1.2p at 34.6p