Orco reports Q1 net loss of 54.4 mln euros

PRAGUE, June 2 Mon Jun 2, 2014 2:57am EDT

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PRAGUE, June 2 (Reuters) - Orco Property Group (OPG) recorded a net loss of 54.4 million euros ($74.2 million) in the first quarter, mainly due to the loss of control over German subsidiary GSG Group, the company said on Monday.

"Capital increases (in March and April) in GSG Group without participation of OPG resulted in a decrease of interest share below 50 percent," Orco said in a statement.

On an operational level, Orco reported a loss of 20.2 million euros compared with a loss of 2.9 million euros a year ago.

($1 = 0.7328 Euros) (Reporting by Robert Muller)

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