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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 19:47

Bulgarian projects boosted Arco's revenue in Q1

BC, Tallinn, 07.05.2015.Print version
Estonian real estate developer Arco Vara informed the Tallinn Stock Exchange that in the first three months of 2015, the group’s revenue from continuing operations was 4.4 million euros, exceeding almost four times the revenue of the first quarter of 2014, when revenue amounted to 1.1 million euros, reports LETA.

At the same time, the revenue of service division has decreased by 8% compared to first quarter of previous year. The increase of the group’s revenue for the first quarter 2015 comes from the development division, where revenue amounted to 3.8 million euros (in Q1 2014: 0.4 million euros), of which 3.5 million euros from the sale of apartments in the group’s development projects in Bulgaria.

 

In the first quarter of 2015, the operating profit (=EBIT) from continuing operations was 0.9 million euros and net profit 0.7 million euros, a year ago the same figures were 0.6 million euros and 0.4 million euros respectively. Moreover, the result of the first quarter of 2014 was impacted by gain from the sale of a subsidiary in amount of more than 0.6 million euros.

 

Equity to assets ratio continues to improve, being 40.1% at 31 March 2015. At 31 December 2014, the figure was 33.5%.

 

The group’s net loans have decreased by 2.6 million euros in the first quarter of 2015. As at 31 March 2015, the weighted average annual interest rate of loans is 5.4%. This is a decrease by 0.4 percentage point since the end of year 2014.

 

In first 3 months 2015, the company sold 48 apartments and 5 commercial spaces in projects developed in the group. In the first quarter of 2014, it sold only 2 apartments.






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