EnglishReal estate developer Imotrust - Arad (RASDAQ:ARCV) concluded Q3 with losses of 2.45 million RON (730,000 EUR) from a profit of 1.03 million RON in 2006:Q3 and a 55.4% increase in turnover to 1.11 million RON (330,700 EUR) from 714,300 RON. In the first nine months of 2007, Imotrust made a net profit of 15.6 million RON (4.68 million EUR), up 3.6x times y/y.
Most of the net profit was derived from financial operations (20.96 million RON), whereas operating activities generated losses of 1.84 million RON. The turnover for the first three quarters amounted to 2.4 million RON (715,100 EUR), up by 56.1% from 1.55 million RON.
Imotrust - Arad has a share capital of 10.68 million RON (3 million EUR) divided into 106.8 million shares with a face value of 0.1 RON. A group of Arad-based businesspersons and companies controls 65.76% of the company. MEI Roemenie & Bulgarije Fonds holds 5% whereas Morgan Stanley & Co. International Ltd. holds less than 5%.
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