IMPACT Developer & Contractor SA – the results of the first quarter of 2009 exceed the estimated budget from the beginning of the year
IMPACT DEVELOPER & CONTRACTOR - 26 May 2009
In the first quarter of 2009, IMPACT Developer & Contractor SA (IMPACT), realized a gross profit of 2.89 mil lei, with 62% more than the gross profit which was estimated for this period.
The result is mainly due to dwellings sales of 20.15 mil lei. In the first quarter of 2009 IMPACT Developer & Contractor has signed 46 contracts with a value of 20.15 mil lei, of which:
- 59% in call-buy system (renting with the possibility of buying)
- 24% with full payment;
- 17% with payment in installments
„The sales volume recorded during the first three months has exceeded our initial estimations, thus declaining the pessimism from the beginning of the year that started from the sales figures realized in the last quarter of 2008. The results confirm an existing demand of completed dwellings, but also the success of the various housing living solutions, that we have launched lately. More than 75% of the signed contracts have on their basis the dwelling solutions launched by IMPACT, starting with the last year's autumn", said the CFO of IMPACT Developer & Contractor, Ms. Carmen Sandulescu.
In the first quarter of the year, IMPACT registered:
- A turnover of 16,346,454 lei, decreasing with 8% compared with the same period of the last year;
- A gross profit of 2,885,254 lei and compare with the forecasted amount from the budget, of 1,784,106 lei;
- A net profit of 1,289,398 lei;
- A total gearing rate of the company decreasing with 20%, mainly determined by the payment of some bonds with a value of 8.6 mil Eur, which were paid in February
Compared with the first quarter of 2008, the incomes and expenses indicators registered decreases due to the deceleration of the work rhythm on the projects in progress.
The income decrease also due to the contract cancellations for a value of 12.6 mil lei, contracts that were signed by foreign investors that decided not to finish the aquisition of the dwelling.
The gross profit decrease compared with the same period of the year 2008 due to the fact that the company registred provisions for the exchange rate variation in amount of 5.5 mil lei.
For 2009 IMPACT intends to complete the on-going projects, to divide the future projects in sub-phases, but also to consolidate the IMPACT's position by adopting various living solutions for the residential products.
Also, the company in taking into account the opportunity to develop hotels and office buildings for small and family business. For the residential part, the company is focusing on mixed housing developments. The objectives for 2009 are to increase the market share up to 11% at Bucharest level and to increase the clients satisfaction and to optimize the company's activities.
Tags: quarter
profit
first
contractor
developer
impact
Property investment activity totaled EUR 99 mn in the first quarter of 2012
facebook
twitter
linkedin
youtube
rss
newsletter