Shopping Center Operator Cocor Cuts 2011 Sales Forecast To RON26M

05.02.2011 By Florentina Dragu

Shopping center operator Cocor Bucuresti (COCR.RO) Monday revised downward its forecast on full-year sales to 25.7 million lei (EUR6.2 million), from RON31 million previously envisaged.

Still, the figure is 64.2% higher compared with RON15.6 million reported in 2010.

The company didn't give a reason for the lower forecast.

Cocor estimates earnings before interest, taxes, depreciation, and amortization (EBITDA) of RON10.86 million in 2011, up 84.6% on the year.

Total revenues are forecast at RON29 million, up 32% on the year, while overall costs are seen rising 7% to RON27.9 million.

In 2010, Cocor reported a loss of RON4.15 million.

Cocor has a share capital of RON12 million, divided into 301,691 shares with a face value of RON40.

Regional investment fund SIF Transilvania (SIF3.RO) holds a 10.24% stake, while SIF Muntenia (SIF4.RO) holds 10%. Other shareholders include investment fund Broadhurst Investments (13.32%), Daniel Stoica (14.66%) and Liviu Ursan (14.83%).

On the Bucharest bourse April 21, Cocor closed flat at RON190 a share. (EUR1=RON4.086)