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| Echo Investment announces results after IV quarters of 2009 In the IV quarter of 2009 Polish developer Echo Investment Capital Group reached almost 17 million net income and net receipts exceeded the amount of 100 million PLN. After IV quarters of 2009 the net income of Echo Investment Capital Group equals approximately 101,5 million PLN, which constitutes a slight decrease of approximately 2, 7% compared to the result after IV quarters of 2008. Net receipts equalled almost 430 million PLN and are at the similar level, as compared to receipts from the same period of the previous year. The factor considerably influencing the result in the current period was income received from sales of residential projects and lease of office and commercial areas. In the IV quarter of 2009 receipts were booked on grounds of concluded final agreements of residential projects: in Warsaw – at Inflancka street (III phase) and Zwycięzców street (II phase), in Poznań - Osiedle Naramowice (III phase) and Bilcza near Kielce (Osiedle Bilcza II). Another important factor was actualization of fair value allowing for quarterly differences of exchange rates of EUR and USD and a change of the level of net operating income (NOI), the appraisal of property concerning the Avatar project in Cracow (in construction) and Park Postępu in Warsaw and Malta Office Park in Poznań (projects partially handed over to occupants), and also appraisal of security financial assets. The total value of assets exceeded 1 milliard EUR. The level of equity capital exceeded 0,4 milliard EUR and was by more than 5,5% higher than the value from the same period of the previous year. At the end of the IV quarter of 2009 Echo Investment Capital Group owned almost 170 million PLN financial means and other monetary assets. write your comments about the article :: © 2010 Construction News :: home page |