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Developer Orco says H1 net loss EUR 63 mln
August 28, 2014 / 4:41 PM / 3 years ago

Developer Orco says H1 net loss EUR 63 mln

PRAGUE, Aug 28 (Reuters) - Real estate developer Orco Property Group posted a net loss of 63 million euros for the first half of 2014, the company said on Thursday, after a profit of 7 million a year ago.

The loss does not include the sale of its large Zlota 44 project in Warsaw, announced earlier this week. The closing of the sale will result in a partial reversal of a 47 million euro impairment in the third quarter, it said.

The company, which will be delisted from the Prague Stock Exchange on Sept 22 but remain listed in Paris and Warsaw, said revenue slumped to 16.8 million from 36.6 million a year ago, with the fall coming mainly from the sale of the Prague Bubny land plot in the first half of last year. (Reporting by Jan Lopatka)

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