Czech developer Orco posts loss, revenues up on property sales

PRAGUE: Czech property Developer Orco Property Group said it narrowed its net loss to 40 million euros ($51.4 million) in 2012, boosting revenues by more than 100 million euros by selling part of its portfolio.

Losses narrowed from 53.3 million in 2011 due to less unfavourable property revaluations, it said.

Revenues rose to 259.6 million euros from 157.6 million after it sold the Sky Office building in Duesseldorf for 117 million euros and the Radio Free Europe building in Prague, worth $94 million.

Orco, which develops real estate in central and southern Europe, Germany and Russia, said it expected a drop in revenue this year to 155-165 million euros as it does not expect any major sales of development projects.