Pandora Investments Public Ltd on Monday announced its interim management report for the six months ended June 30, 2025, posting a net profit of €7.23 million compared with a net loss of €1.07 million in the same period last year.

The results were prepared under IAS 34 and approved by the Board of Directors on September 15, 2025, but have not yet been audited by external auditors.

The group reported that the net asset value attributable to shareholders amounted to €289m, up from €282m in the same period last year.

This corresponds to 68.15 cents per share, compared with 66.45 cents per share in 2024, while the nominal value remained at 17 cents per share.

The company’s operating profit for the first half of 2025 stood at €11.4m, compared with €2.48m in the corresponding period of 2024, which included a gain from revaluation of shares of €735,828 compared with €917,190 last year.

EBITDA for the period rose 483 per cent to €10.97m, excluding fair value gains from investment properties, up from €1.88m in the same period in 2024.

Cash and restricted cash amounted to €53.8m, slightly down from €57.8m in 2024, of which €4m was invested in European Union bills, compared with €6m last year.

Pandora Investments said the transfer of part of its liquidity into low-risk and short-term EU bills is part of active management of the group’s liquid assets.

Revenue for the six-month period increased by 135 per cent to €47.3m, compared with €20.1m in 2024, primarily due to property sales.

Contracts for the sale of immovable properties signed during the first half of 2025 amounted to €80.4m, including the partial sale of the Oceanus Tower for €44.78m.

The remaining units of the Oceanus Tower were sold in July 2025 for €58m, bringing the total sales value to €102.78m plus VAT.

Revenue is recognised on the basis of final completion and delivery, and as of June 30, 2025, unrecognised property sale contracts amounted to €238.6m, up from €193.8m at the end of 2024.

The group posted a net profit of €7.23m, compared with a net loss of €1.07m in the first half of 2024.

The improvement of €8.3m reflects increases in gross profit by €16.57m, other operating income by €224,397, and reductions in losses from share revaluations, finance costs, and minority interest.

Pandora Investments highlighted that its activities expose the group to market, credit, and liquidity risks, with no changes to its risk management policies since year-end.

During the period, the group repaid €6.2m in bank loans, reducing borrowings by €2.9m compared with December 31, 2024.

The company noted that related party transactions are disclosed according to IAS 24, with further details available in note 18 of the interim report.

Finally, Pandora Investments warned that current economic conditions in Cyprus and internationally, as well as geopolitical conflicts in Ukraine and Israel-Gaza, could adversely affect cash flow, receivables, turnover, asset impairments, and fair values of investment properties.