Tuesday May 13, 07:00 AM
Warsaw-based GTC triples Q1 net and operating profit on property revaluation
WARSAW (Thomson Financial) - Central and Eastern Europe's leading real estate developer Globe Trade Centre SA more than tripled its net and operating profit year-on-year in the first quarter thanks to property revaluation, its said in a statement.
The Warsaw-listed builder had a net profit of almost 35 million euros and an operating profit of 60 million, with the revaluation of three projects in three major Polish cities yielding profit of 52.5 million.
The group, which operates in Poland, Hungary, Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine, grew the value of its commercial real estate by 70 percent to 950 million euros, while its assets rose 60 percent and reached almost 2 billion.
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