Orava Residential Real Estate Investment Trust plc reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported income from ordinary operations of EUR 1,194,000 compared to income from ordinary operations of EUR 644,000 for the same period a year ago. Total revenue was EUR 4,241,000 compared to EUR 108,000 last year. Operating profit was EUR 2,855,000 compared to operating loss of EUR 391,000 last year. Profit before taxes was EUR 2,482,000 compared to loss before taxes of EUR 525,000 last year. Profit was EUR 2,466,000 compared to loss of EUR 528,000 last year. Profit attributable to the owners of the parent company was EUR 2,466,000 or EUR 0.57 per share compared to loss attributable to the owners of the parent company of EUR 528,000 or EUR 0.39 per share last year. Net cash flows from operational activities were EUR 236,000 compared to EUR 383,000 last year. Investments in intangible assets were EUR 227,000 compared to EUR 32,000 last year. Return on equity per annum (ROE) was 19.6% compared to negative 12.5% last year. Net asset value per share was EUR 11.79 compared to EUR 11.54 per share lat year.

The company continues to estimate that it has the prerequisites for maintaining good profitability in 2014 and achieving the targeted total return of 10% on shareholders' equity.