Unirea Shopping Centers Evaluated At RON432M In '10

05.09.2011 By Andrei Circhelan

Unirea Shopping Center (SCDM.RO) evaluated its two shopping centers, in Bucharest and Brasov, at 432.2 million lei (EUR101 million) end-2010, down from RON479 million at the end of 2009.

Reports posted Monday by the company on its website show the Unirea Shopping center plot in Bucharest lost RON24.7 million in value year, and it was evaluated at RON16.5 million at the end of 2010, from RON186 million at the end of the previous year. The building's value dropped by RON16,37 million, to RON97 million, while the parking lot's value declined by RON2.7 million, to RON86.3 million.

The Brasov unit was evaluated at RON74.8 million, down by RON2.5 million from RON77 million in 2009.

The two shopping centers generated rental revenue of some RON76 million (some EUR17 million) in 2010.

Unirea Shopping Center posted a net profit of RON5.98 million in 2010, down 50% on the year, while sales stood at RON86.45 million, down 12% on the year.

The company is 74.16% owned by Dan and Carmen Adamescu, through The Nova Group Investments Romania, while regional investment fund SIF Muntenia (SIF4.RO) holds 10% and the remaining 15.8% is free float.

The company has a share capital of RON7.4 million, divided into 2.9 million shares with a face value of RON2.5.

Company shares were last traded on May 5, at RON93.5, up 0.54% on the day. (EUR1=RON4.1039)