Echo had PLN 47.26 million of net profit, PLN 60.99 million of EBIT profit in the first half of 2021

by   CIJ News iDesk III
2021-09-23   09:09

Echo Investment recorded PLN 47.26 million of consolidated net profit attributable to shareholders of the parent company in H1 2021 compared to PLN 51.09 million profit a year earlier, the company said in its financial report.

The operating profit was PLN 60.99 million against PLN 147.94 million a year earlier.

Consolidated sales revenues reached PLN 420.9 million in H1. 2021 compared to PLN 404.35 million a year earlier.

Echo Investment sums up the first half of 2021, taking into account the results of the Archicom SA group for the first time. The first six months of 2021 brought the group over PLN 47 million in net profit, which was mainly the result of handing over to customers 398 apartments built by Echo Investment, 202 Archicom apartments and increase in the value of office buildings - in particular, the Warzelnia Offices in the Browary Warszawskie complex and Brain Park I in Krakow. An important item that influenced the results for the first half of the year and the second quarter was the profit on the bargain purchase of Archicom SA shares, according to its report.

Maciej Drozd, vice president for finance, announced that the group maintained a high cash level: at the end of the first half of the year it was PLN 630 million. The value of assets exceeded PLN 7 billion and is 25% higher than at the end of 2020. This is mainly due to the acquisition of the Archicom Group - the increase in the value of residential assets amounted to 90%.

On a standalone basis, net profit in H1 In 2021, it amounted to PLN 29.72 million compared to PLN 56.5 million profit a year earlier.

Echo Investment is a Polish developer that carries out investments in three sectors of the real estate market: residential, commercial and office. The company has been listed on the WSE since 1996. In 2020, it had PLN 1.21 billion of consolidated revenues.

Source: Echo Investments and ISBnews