Press releases – 2009

Interim Results for the six months to 30 June 2009

12 Oct 2009

Chagala, the specialist London listed Kazakh real estate developer and operator (symbol: CHGG), is pleased to announce its unaudited interim results for the six months to 30 June 2009.

Financial Highlights:

• Total revenues of $14.5m (FY2008: $26.7m)
  • Room & rent revenue of $10.5m (FY2008: $18.7m)
  • Food & beverage revenue of $4m (FY 2008: $8.0m)
• Cost of sales – room & rent of $1.8m (FY2008: $3.2m)
• Food & beverage costs of $1.3m (FY2008: $3.2m)
• Profit before income tax of $3.4m (FY 2008: $0.9m loss)

Operational Highlights:

• New lease negotiated, to December 2011, with major client for office space in Atyrau, on favourable terms
• First Phase opening of 'Chagala-Aksai Camp', a newly acquired facility in Aksai, West Kazakhstan, following a major refurbishment. The First Phase consists of 95 rooms (84 bedrooms and 11 apartments) with the final size anticipated to be 150 rooms (5 modules of 30 rooms each) plus bar and restaurant
• Appointment of Edmund Christopher Pery, Earl of Limerick as non-Executive Director
• Post half year end events
  • Phase Three opening of Chagala's hotel in Bautino, increasing capacity by 51 rooms (45 standard and 6 executive). The hotel now has 147 guest rooms: 132 standard, 15 executive rooms and is in a strategic location for companies operating in Kazakhstan's biggest off-shore oil field, Kashagan

Tim Abson, Chief Executive Officer of Chagala, said:

"This has been an excellent first six months for Chagala in what is set to be a break out year for the company. Revenue and pre-tax profit indicators are in line with management's expectations and we have made significant operational progress with First Phase openings and further development in Aksai and Bautino. With a healthy project pipeline, we remain ideally positioned to benefit from West Kazakhstan's growth and economic development."

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For more information:

The full press release in PDF format