Echo Investment Q3 profit drops

WSE-listed developer Echo Investment recorded a consolidated net profit of PLN 50.22 million in Q3, down by 6.7 percent y/y. While EBIT dropped by 13.1 percent y/y to PLN 74.1 million. Revenues increased by 4 percent to PLN 137.1 million. The company plans to sell some 1,300 flats this year. In Q3, Echo handed over 238 apartments, while in October alone that number amounted to 310, which could relate to a great Q4. So far this year, Echo secured plots which will allow to build 120k sqm of apartments and 240k sqm of office space.