Orco H1 profit drops

WSE-listed real estate developer Orco Property Group had a €18.48 million net profit in the first half of 2018, down from €62.61 million profit a year earlier, the company said in a market filing.

“Total net financial income increased from €0.1 million in the first half of 2017 to €20.3 million. In the first half of 2018, interest income increased from €19.2 million to €49.1 million. The increase in net interest income comes from the loans granted to our subsidiaries.  These loans bear interest at the level of 6-14 percent,” the company said.

Operating profit amounted to €2.41 million compared to €78.21 million profit a year earlier.

Consolidated revenues from sales reached €9.82 million up from €1.33 million last year.

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