Orco falls further into the red

Orco’s third quarter results were at least as disappointing as those of the entire sector. Whereas the company reported a loss of just €29.8m over the first nine months of 2008, this figure ballooned to €202m in 2009. The company, which is currently in creditor protection through French courts, said it had cut expenses by 24% compared to last year, and that its revenues had risen 24%. But revenues fell from €225.6m to €186.8m as its residential sales fell to €66.2m (from €111.8m), with the company ceasing its resi development activities in Hungary.

Orco said it was seeking the sale of various assets, including the Stein project in Bratislava and Cumberland Haus in Berlin. It claims that work on the Vaci 1 department store in Budapest will resume and that it hoped to reinstate the building permit for Zlota 44 in Warsaw after a court revoked it over the summer.

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