RPT-Orco swings to profit in Q1, sees sales up
PRAGUE May 24 (Reuters) - Real estate developer Orco Property Group swung to a 2.8 million euro net profit in the first quarter from a 4.4 million loss a year ago, the company said on Thursday.
The firm, which has been forced to restructure its debt, said revenues dipped to 32.6 million euros from 33.2 million.
"The past few months have seen a turning point for Orco, which has now successfully restructured its balance sheet with the equitization of more than 600 million euros of corporate liabilities, including the write-off of all Orco Group corporate bonds,, and reducing our global loan-to-value to 56 percent," Chairman Jean-Francois Ott said in a statement.
The firm said its net asset value per share reached 5.8 euros after the restructuring.
It forecast full-year revenue at 160-180 million euros, from 157.6 million last year. (Reporting by Jan Lopatka; Editing by Jason Hovet)
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