Due to the economic conditions and the conservative approach of valuation of projects put on hold, the real estate portfolio value of CEE property developer Orco stood at €1.83 billion as opposed to €2.13 billion at the end of 2008, a 12% decrease after correction of scope variations.
According to the periodical report published on the website of the Budapest Stock Exchange, the company’s net asset value stood at €15.0 per share as at end of June, 2009 against €42.5 last December.
Consolidated revenue increased by 16.8% to €132 million due to increased sales in residential and commercial development.
Adjusted EBITDA was up 7% to €11.4 million, thanks to the cost reduction plan launched at the end of 2008. Total group net result amounts to €-199.9 million, mainly impacted by non-cash valuation adjustments on properties and developments for €-252.2 million. Orco ended the period with €66.8 million in cash and cash equivalents; the statement said. (press release)