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| NPRO sees positive results in third-quarter 2010 Norwegian Property ASA posted a profit from continuing operations before tax and fair value adjustments of NOK 86.1 million in the third quarter of 2010, compared with a profit of NOK 33.8 million in the corresponding prior-year period. Gross income amounted to NOK 250.7 million, compared to NOK 258.0 million in the same period last year. Operating profit before financial items and fair value adjustments totaled NOK 217.3 million, compared with NOK 208.5 million in the three months ending 30 September 2010. Total value adjustments for the office portfolio amounted to 0.2 per cent in the quarter, which equates to NOK 28.6 million. The profit from continuing operations before tax for the third quarter of 2010 amounted to NOK 140.7 million, compared with NOK 241.5 million in the corresponding period in 2009. In October 2010 Norwegian Property a binding agreement was entered for the sale of the group's hotel business to a company controlled by Pandox AB, Eiendomsspar AS and Sundt AS. The hotel business has consequently been accounted for as discontinued operations with a net loss after tax of NOK 943.9 million in the third quarter. After tax and result for discontinued operations the loss in the period was NOK 868.5 million in the third quarter 2010 compared to a profit of NOK 182.8 million in the same quarter last year. write your comments about the article :: © 2010 Construction News :: home page |