Impact Developer&Contractor Expects RON8.7M Net Loss In 2011

04.19.2011 By Andrei Circhelan

Romanian property developer Impact Developer & Contractor (IMP.RO) expects a net loss of 8.7 million lei (EUR1=RON4.091) this year, narrower than the loss of RON17.5 million reported for 2010, since revenue should increase.

Public art sales in Romania increased 124% in 2010, compared to 2009, to EUR8.3 million, and the average annual yield stood at 40%, according to the second edition of the Artmark Index, launched Tuesday by the Bucharest Stock Exchange.

For this year, the company expects a 13% year-on-year rise in revenue, to some RON45 million, while expenditure should drop 6.2%, to RON53.7 million, the company said Tuesday in a report sent to the Bucharest stock exchange.

In a meeting held Saturday, shareholders enabled the managing board to increase the company's share capital by up to 100% within one year.

Thus, the company's share capital may reach RON400 million, from the current RON200 million, by April 2012.

Another shareholder decision empowered the board to contract loans of up to EUR3 million for new projects.

Company shares closed flat Friday, at RON0.406. The stock is currently suspended and will resume trading Wednesday.