Developer Orco posts a 390 mln euro loss in 2008
PRAGUE, April 8 (Reuters) - Developer Orco Property Group posted a net loss of 390.6 million euros
($515.2 million) for 2008 due to a drop in asset value, the firm said late on Tuesday.
Orco had originally planned to release full-year results on March 17, but it postponed the report
several times as the company received court protection from creditors for six months, starting last
month.
Operating in the Czech Republic, Germany, Poland, Slovakia, Hungary and Croatia, Orco has been hit
by a drop in real estate prices, tightening of bank financing, and the departure of several top
managers over the past several months.
Orco said it had booked a loss from investment property revaluation of 217 million euros, compared
with a gain of 147 million a year ago. Amortisation, impairments and provisions jumped to 189
million euros, from 17 million.
In 2007, the firm posted net profit of 87.5 million euros. ($1=.7582 Euro) (Reporting by Jan
Korselt; Editing by Hans Peters) ((prague.newsroom@thomsonreuters.com; Reuters Messaging:
jan.korselt.reuters.com@reuters.net; +420-224 190 479))
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Keywords: ORCO RESULTS
The comments on this results by KBC Securities / Patria :
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