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Orco generates revenue of €113 mln in H1

Orco Property Group, one of the biggest property developers in the Central and Eastern Europe, posted unaudited revenues of €113 million during H1 of 2008, down from €125 million during the first half of 2007, the company reported.

Orco announced that during the first half of 2008, the company had posted turnover of €43 million in the Czech Republic, €40 million in Germany, €13 million in Russia, €21 million and in other European countries, while the company sustained inter-segment-elimination losses of €4 million in these countries during the period.

Orco announced that the company's development operations had generated turnover of €43 million during the first half of 2008, compared to €90 million during H1 of 2007, while its rental operations had generated turnover of €54 million during the first half of 2008, compared to €8 million during H1 of 2007.

Orco reported that the company's management operations had generated turnover of €9 million during the first half of 2008, compared to €16 million during H1 of 2007, while its hospitality operations had generated turnover of €14 million during the first half of 2008, compared to €18 million during H1 of 2007.

Orco announced that the occupancy rate at the company's rental units rose to 74.4% during the first quarter of 2008 from 72.4% during the first quarter of 2007. The company said that occupancy rates were 83% for office rentals, 81% for residential rentals, 90% for retail rentals and 100% for industrial/logistics rentals. (MTI – Econews)