Czech ECM shows H1 loss, NAV drops

PRAGUE Aug 27 (Reuters) - Czech real estate developer ECM Real Estate Investments (ECMPsp.PR) said on Wednesday its net asset value (NAV) fell 3.9 percent to 234 million euros ($344.2 million) in the first half of 2008.

That put undiluted NAV at 55.1 euros per share, down from 57.4 euros at the end of 2007, the company said.

The figure represents a 66 percent premium to its current share price, according to Reuters calculations.

ECM, a builder of commercial and residential properties, showed a loss of 19.9 million euros in the period versus a 1.7 million euros profit last year.

Net valuation gains on investment property fell 50.26 percent year on year to 3.7 million euros, the company said.

ECM shares closed 1.7 percent down at 466 crowns on Wednesday.

(Reporting by Jana Mlcochova; Editing by Quentin Bryar)