Research (J&T BANKA)
Czech markets  |  March 29, 2013 09:37:47

Orco published results for r.2012 - sales grew, the loss is reduced to 40 million euros

Orco Property Group today published its financial results for 2012. Revenues grew by 65% ??y / y to EUR 260 million, which was primarily due to the sale of Sky Office in Düsseldorf for 117 million euros. Operating profit, however, was burdened last year a number of negative revaluation (for a total of EUR 54 million), which sent him into a loss of EUR 29 million compared to a profit of EUR 40 million in 2011. Financial helped last year's level of debt restructuring, even so, Orco reported a net loss of 40 million euros. Negative revaluation caused a decline in the net asset value per share (NAV) to 4.89 euros from 5.6 euros estimated by the autumn of last year.

The company did not comment on the purchase of 30% stake Radovan Vitek, and changes in the board. For this year, expects revenues between 155-165 million euros, with the planned sale of a large project Zlota 44 in Warsaw, the company would not have income before 2014.

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Orco zveřejnilo výsledky za r.2012 - tržby rostly, ztráta se zmenšila na 40 mil.EUR

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