Orco Property Group recorded a net loss of €43.5m in 2011, and is blaming its restructuring of corporate bonds for the result. The developer achieved profit of €233.4m in 2010, but revenues fell to €157.6m in 2011 from €314.7m. The value of the company portfolio’s as of the end of 2011 was €1.6bn, while its debts including bonds amounted to 70 percent of the figure. CEO of the company Jean Francois Ott hopes 2012 will see a reduction in the level of debt by carrying out a bonds for stocks swap.
