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Orco reports €223 mln profit in 2010 after loss in 2009

Orco Property Group, listed on the Budapest Stock Exchange, had net profit for the year of €222.7 million in 2010, a big improvement over a loss of €315.5 million in the previous year, the company said in its consolidated report for the period published on Tuesday.

Profits attributable to shareholders came to €233.4 million against losses of €250.6 million in 2009.

The 2010 results "validate our strategy of safeguarding and developing 'high potential' assets and developments," said CEO Jean-Francois Ott.

Orco's revenue climbed 25% to €314.7 million.

It booked a €26 million gain on fair value adjustments on investment property compared to a €177.6 million loss in 2009.

The company had a €179.9 million financial gain in 2010 compared to a €110.2 million loss in the previous year.

Orco valued its property in Hungary at €43.3 million in 2010, €3.8 million more than in 2009. The total value of Orco's property portfolio came to €771.4 million.