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.