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Echo Investment: 57 mln PLN a net profit in 1st half of 2010

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Echo Investment closed H1 2010 with a net profit amounting to over 57 mln PLN. Net revenues of the amounted nearly 232 mln.

The total asset value amounted to 4.5 bln PLN and the level of the equity grew by nearly 1.03 mln PLN compared to H1 2009. At the end of H1 2010, Echo Investment had financial means of nearly 270 mln PLN.

Revenues generated in H1 2010 are the effect of signing final sales agreements in residential projects located: in Warsaw, Poznań and Bilcza near Kielce as well as lease of commercial spaces in projects completed in the previous years. A significant factor which influenced the result was updating the fair value that took into account EUR and USD exchange rate differences, change of the net operating income level (NOI) and evaluation of the new projects i.e.: extended Galeria Echo in Kielce, Avatar in Kraków, Park Postępu in Warsaw and Malta Office Park Stage 2 in Poznań.

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