A recent fire sale on the Warsaw Stock Exchange negatively impacted Echo Investment. The Polish developer’s shares dropped to PLN 6.08 last week, but local analysts say it’s unlikely the price will fall below PLN 5.42 this week. They predict Echo’s share value will stagnate in the medium-term, and it’s unlikely to increase any time soon.
The company posted PLN 112.2m in revenues in Q4 2013, down from PLN 147.3m reported in Q4 2012 and below market estimates of PLN 131.1m. The company said the recent sell-offs of its Polish retail centers cut its rental income. Meanwhile, the company’s operating profits dropped by 90 percent in the fourth quarter of 2013, compared to the same period in 2012.
