Unirea Shopping Center 1Q Net Profit Halves To RON3M

05.24.2011 By Florentina Dragu

Romania’s Unirea Shopping Center (SCDM.RO) Tuesday said its net profit more than halved to 3 million lei (EUR0.7 million) in the first quarter, on lower sales.

In January to March 2010, the company posted net profit of RON6.7 million.

Unirea Shopping Center, manager of two shopping centers in capital city Bucharest and central city of Brasov, said total sales fell 17% on the year to RON18.3 million in the first quarter.

Total revenue declined 14% on the year to RON22.2 million, while overall costs were up 3% to RON18.4 million.

Unirea Shopping Center is majority owned by Dan and Carmen Adamescu, through Nova Trade company, with a 74.16% stake, followed by regional investment fund SIF Muntenia (SIF4.

On Rasdaq market May 18, Unirea Shopping Center closed down 12.9% at RON81 a share in Bucharest. (EUR1=RON4.1233)