Orco achieved a net profit in the first quarter of 2012, unlike last year when it made an €4.37m loss in the same quarter. The €2.8m in profits wasn’t matched with growth in revenues, however, as they dropped from €39.1m in Q1 2011 to €32.6m. This week a Paris court agreed to the conversion of Orco bonds worth €493m into shares in the company. In 2011, Orco’s losses amounted to €43.5m, due in part to the restructuring of the bonds. In 2012 the developer foresees revenues of €160 – €180m. This estimate does not include the sale of Sky Office in Düsseldorf, Germany, which is to be completed soon. Last year’s revenues reached €158m.
