Bloomberg News

Orco Tumbles From Six-Week High on Operating Loss: Prague Mover

August 31, 2012

Orco Property Group SA (ORCO) dropped from its highest in more than six weeks as the developer in central Europe said it swung to an operating loss and revenue shrank.

The stock fell 3.1 percent to 51.51 koruna at the close in Prague, making it the biggest decliner today in the PX index. Orco rallied 5.3 percent in the previous five days to the strongest since July 17.

Orco had a first-half operating loss of 9 million euros ($11 million), compared with income of 18.9 million euros a year earlier, the company said in a statement late yesterday. Revenue dropped to 69.5 million euros from 73.6 million euros.

“The operating result came in significantly worse than we had expected, partly because of losses from asset revaluation,” Miroslav Adamkovic, an analyst at Komercni Banka AS (KOMB) in Prague, wrote in a report to clients today.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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