International Property News

ECM trebles operating profit to CZK 752m

6th March 2008

Developer ECM generated an operating profit of EUR30m (some Kc752m) in 2007, three times more than the year before, and its sales totalled EUR50.1m (Kc1.2bn), up from EUR17.5m (Kc439m) in 2006, the company announced in a press release Thursday.

The firm will release the audited results on March 26.

The results are preliminary and in line with most analysts' expectations.

However, some analysts were more optimistic.

Robert Keller of Patria said a Bloomberg agency poll showed analysts expected operating profit at EUR55.6m (Kc1.4bn).

Czech analysts' estimates were closer to the released figures.

Patrick Vyroubal of Atlantik FT predicted operating profit at EUR27m (Kc677m) and Karel Potmesil of Cyrrus at EUR34m (Kc853m).

ECM was founded in 1991 Milan Janku, its current majority shareholder. The firm is based in Luxembourg and is owned by Janku through a Dutch fund.

The ECM stock is traded on the Prague bourse.

The company operates in the Czech Republic, Russia and China, and its portfolio covers an area of 500,000 square metres.