Orco reports H1 loss

A year ago it posted a net profit of €55.1 (zł.191.2) million. The firm posted revenues of €113 (zł.393.9) million, a 9.7-percent drop year-on-year.

At the start of the year Orco had forecast full-year revenues at €347 (zł.1,208) million.

Along with reporting its results, Orco also presented its latest project for single-family homes and row houses heated with energy generated by solar panels. A total of 432 furnished apartments will be built within the development, located in Józefosław, outside Warsaw.

Construction is planned in two stages, and apartments from the first stage have already been put up for sale. The offer features 20 single-family houses of 155 to 221 sqm and eight three-storey row houses, which comprise a total of 131 furnished apartments of 44 to 113 sqm. The whole project should be ready in the summer of 2010. The minimum price per sqm is zł.7,600.