UPDATE 1-Czech Orco reports first-half loss, NAV falls
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PRAGUE, Aug 28 (Reuters) - Czech real estate developer Orco Property Group (ORCO.PA) (ORCOsp.PR) said on Thursday its first-half net asset value (NAV) fell to 83.9 euros per share from 91.7 euros at the end of 2007.
The figure represents a 73 percent premium to its current share price, according to Reuters calculations.
The developer reported a loss of 14.1 million euros ($20.9 million) in the period versus a profit of 55.1 million euros a year ago.
"The decrease in equity is explained by the negative net result for the first half of 2008, the cash dividend payment and the purchase of the group's own shares," Orco said in a statement.
Orco announced on Aug. 7 that first-half revenue fell 9.7 percent to 113 million euros from 125 million a year ago.
At that time, the company raised its full-year revenue target to 343 million euros from 322 million. At the start of the year Orco had forecast full-year revenue at 347 million.
It had said it would exceed a full-year target for asset sales of 200 million euros and that it has sold property worth 100 million so far this year, at 98 percent of valuation from the end of 2007.
The other Prague listed developer ECM (ECMPsp.PR) also posted a loss for the first half after being profitable in previous years.
Developers in central Europe have felt the pinch of the global financial market turbulence as banks are becoming more cautious in providing loans for real estate projects. (Reporting by Jana Mlcochova; Editing by David Holmes)
