Orco Property Group made an operational loss of €9m over the first half of 2012, considerably worse than the operational profit it made in the first half of 2011 (€18.9m). It says OPG’s weaker results are because of revaluations of its assets and large write offs. Revenues fell 6 percent to €69.5m.
According to its own press release, the group’s gross asset value fell to €1.513bn at the end of June from €1.6bn at the end of 2011, primarily because of the sale of the Radio Free Europe building sale, along with sold residential inventory. Its NAV per share fell from €22.40 to €10.43 as a result of the conversion of bonds into shares. This operation, however, is part of what allowed OPG’s global LTV to decrease from 70% to 65%.
