Cocor Bucuresti 1Q Net Profit Triples To RON1.5M

05.11.2011 By Andrei Circhelan

Romanian shopping center operator Cocor (COCR.RO) on Wednesday reported a net profit of 1.5 million lei (EUR335,000) for the first quarter, three times more than the result posted in the same interval of 2010, driven by the opening of the Cocor store in Bucharest.

Sales registered a similar pattern of evolution, to RON5.8 million (EUR1.2 million) from RON1.9 million.

Revenue reached RON9 million, twice higher than RON4.1 million in the first quarter last year.

"This result is due to the reopening of the Cocor store and higher sales for the media facade, the largest media facade in Europe, as well as the development of Cocor Spa, Cocor Store, Galeria Designerilor and Aleea Celebritatilor," said the company's former board president Dan Barbulescu.

Barbulescu did not run for a new term on the board, and the Staar Rating company he represented appointed Daniela Calin as his replacement. Calin also manages the real estate portfolio of US investment fund Broadhurst Investments, which holds a 13.32% stake in Cocor.

The Cocor store in central Bucharest was reopened in October, after a two-year renovation. The shopping center has a rentable surface of 10,000 square meters.

For this year, Cocor expects sales of RON25.7 million, up 64% on 2010. Net profit is expected to reach RON10.8 million, almost double from RON5.8 million last year.

Company shareholders include regional investment fund SIF Transilvania (SIF3.RO) with 10.24%, SIF Muntenia (SIF4.RO) with 10%, Daniel Stoica with 14.66% and Liviu Ursan with 14.83%.

Cocor shares closed Tuesday at RON183.05, down 3.66% on the day. (EUR1=RON4.0885)