Record-breaking results for GTC

After three quarters of 2006, Globe Trade Centre (GTC), one of the leading developers in the CEE region, has updated the value of its assets. As a result, the company's Q3 net profit was recalculated at $100 (zł.304) million.

In total, in the first three quarters of 2006, GTC made a net profit of zł.725 million, which is some 60 percent more then the whole of last year's profit of zł.449.3 million.

According to Eli Alroy, chairman of GTC's supervisory board, the profits may be even higher due to new investments planned for the company's portfolio. "This year we have acquired plots where we should be able to construct up to 576,000 sqm of space to be leased or sold," says Alroy.

The company has restructured its property portfolio in the region and this year has entered new markets in Slovakia, Bulgaria and Ukraine. Alroy also emphasizes the company's growing interest in residential developments.

In total, the company plans to work on 45 projects with total space of around 650,000 sqm leasable space. "Over 80 percent of them are going to be completed by 2009, the rest by 2010," says Alroy.