The balance of the 1st half of 2012 for the GTC company

The picture depicts Platinium Business Park.
The picture depicts Platinium Business Park.
GTC has presented the balance of its results from the 2nd quarter of 2012. Strengthening its cash position and preparation to reduce its debts are the biggest success.

 

The GTC company in the secondo quarter of 2012 strengthened its cash position and prepared to reduce its debts. It was influenced by a successful issue of shares; a number of records for GTC shares was almost twice as big as a number of offered shares. At the issue, the company obtained 445 mln PLN (not including costs of the offer).

The reduction of debts was heavily influenced by the conclusion of a preliminary contract between subsidiary companies of the GTC Group and the Allianz Real Estate Group, regarding the sale of Platinium Business Park. According to its resolutions, an object comprising 5 buildings of the total area of 56 000 sq.m is intended to be sold for 171-173 mln EUR – the final conclusion of the transaction will give GTC about 60 mln EUR of ready money.

The income from letting in the 2nd quarter increased by 3 per cent in comparison with the 1st quarter. The gross profit from operational activity reached 25 mln EUR (the same as in the 2ndquarter of 2011 and 8 per cent more than in the first quarter 2012). The reduction of costs of sale and administrative costs by 39 per cent was also a significant achievement of the described period.

The company’s projects finalized in the second quarter include the opened Galleria Burgas in Bulgaria and the finished fifth building of Platinium Business Park in Warsaw. Apart from that, in the given period, Corius in Warsaw got the LEED Gold certificate in the category of Core and Shell.    


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