Impact Developer & Contractor SA, builder of Greenfield residential compound reported a pre-tax profit of 3.27 million lei in first half, exceeding own estimates by 3%.
The debt load of the homebuilder narrowed 30% from 244 million lei in 2008 to 174 million lei at the end of June, short-term debt accounting for 25%. Operating revenues fell short of the initial forecasts, standing at 43.7 mn lei, due to acquisition contracts in place that have not yet been worked by foreign citizens.
“The first-half results reflect the high number of contracts signed in Jan-Jun interval, 22% more than our initial estimates of 33.6 million lei, but also the fact that we have personalized our offering”, said Carmen Sandulescu (photo), CFO of Impact.
As data provided by National Institute of Statistics show, of all 458 new homes delivered in Bucharest in first half, 45 were delivered by Impact in Greenfield compound.
“Compared to first quarter, for which official statistics are available, the total number of homes delivered by Impact increased to 93”, company said.
The construction for Greenfield project started in September 2006 and includes 676 homes spread in five independent residential compounds (Rubin, Topaz, Onix, Blue, Quartz). The project is located in the northern Bucharest, and covers nearly 10 hectares.
