Residential developer Merko Ehitus reported its revenue had increased from €58.1m to €80.3m in the first three months of 2018, up 38.1 percent from the previous year. As a result, net profits also increased by 7.3 percent to €1.1m. The growth was driven by the company’s pre-existing portfolio and construction contracts. Merko has a secured order book of €292m and received new contracts worth €22m in the first quarter. However, the company sold 51 apartments during the three-month period, down from 141 sold in the same period last year. Despite this slowdown, Merko maintains that market conditions and demand in the Baltics remain steady and has broke ground on 140 apartments this quarter.
