Bloomberg News

Arco Vara Third-Quarter Loss Widens on Construction Costs

December 01, 2011

Dec. 1 (Bloomberg) -- Arco Vara AS, the only listed Baltic property developer, said its third-quarter loss widened as rising input costs cut profitability at its construction unit.

The net loss increased to 1.7 million euros ($2.3 million) from 133,000 euros a year earlier, the company said in a regulatory statement yesterday.

Revenue rose 34 percent to 7.8 million euros. The construction unit had a loss of 1.4 million euros after an operating profit of 50,000 euros a year earlier.

--Editors: James Kraus, Douglas Lytle

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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