BIRMINGHAM, MI--(Marketwire - June 18, 2012) - ProGreen Properties, Inc. (ProGreen), www.progreenproperties.com, (
Revenue for the Year increased 190% to $481,000 compared to $253,000 for 2011. Net loss decreased 65% to ($232,000) from ($661,000) in 2011.
The results for the quarter ending April 30, were even more encouraging, with revenues increasing almost 250% to $403,000 compared to $116,000 for the same period the previous year. Earnings for the same period show a profit of $69,000 compared to a loss of ($146,000) for the same quarter 2011. The largest driver for the fourth quarter and annual improvement relates to the sale of five properties to one Scandinavian Investment group in April. We continue to believe that there is demand by Europeans for US real estate investments. We feel confident that the Scandinavian Investment group that purchased our properties in April will have additional interest in properties developed by ProGreen, but there is no binding obligation to that effect.
"This first evidence of a turnaround for the company is very encouraging and we believe the trend will continue as we build further interest with European Investors for our Investment Properties," says Jan Telander, President & CEO.
About ProGreen Properties, Inc.
ProGreen Properties, Inc. is a publicly traded property investment company (
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