Poor quarter for Echo Investment

According to the latest financial report of Echo Investment, the net income of the company for the first quarter is 31 mln zlotys which is over 24,5 mln less than the year before.

Echo Investment has registered an operation loss of almost 31 mln zlotys. In the same quarter of the previous year the company had over 127 mln zlotys of income.

A passage of a resolution concerning acceptance of the program of buying shares of Echo Investment S.A. was a  vital activity undertaken by Grupa Kapitalowa which influenced the shape of the report considerably. The resolution was passed on the 18th of January 2012. The purpose of the program is for the company to be able to buy its own shares and subsequently resell or discontinue them. The decision has been made due to good financial condition of the company and a large amount of disposable assets.  Some important renting contracts have also been signed by Echo Investment.

On the 31st of March 2012 Grupa Kapitałowa owned 7 office projects destined for renting, 5 shopping centres and 3 entertainment centres.

The reports have been presented for the past three months which end on 31st of March 2012, comparative data for the past three months which end on 31st of March 2011 and for comparative data for the last twelve months which end on 31st of December 2011 (in case of balance sheet and data sheet of changes in initial capital).

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fan :
May 16, 2012 at 7:58 PM