IMPACT Developer & Contractor, 68% higher six months' profit compared to 2007
Bucharest, 14.08.2008
The audited and uncosolidated financial results registered by Impact Developer & Contractor (IMPACT) on the 30th of June 2008, calculated according to the International Accountancy Standards (IFRS), show a gross profit of RON 23.6 million, 68% more than for the first 6 months of 2007.
The main indicators reflecting IMPACT's financial results on 30.06.2008, calculated according to the Romanian Accountancy Standards (OMFP 1752/2005), and according to IFRS (audited, not consolidated), are the following:
| Indicator | OMFP 30.06.2008 (thousand RON) | OMFP 30.06.2007 (thousand RON) | IFRS 30.06.2008 (thousand RON) | IFRS 30.06.2007 (thousand RON) |
|---|---|---|---|---|
| Total revenue | 129.558 | 81.697 | 137.501 |
70.778 |
| Total expenses | 112.512 | 67.926 | 112.512 | 67.926 |
| Gross profit | 17.046 | 13.771 | 23.589 | 14.037 |
| Gross profit | 14.085 | 10.842 | 19.184 | 11.389 |
One can notice that the 6-month's net profit increased, according to OMFP, with 30% compared to the year 2007, while, according to IFRS, it increased with 68% compared to the same period of 2007.
The profit increase in the first half of 2008 is based on the increase of the value of the construction works completed, from RON 61.6 million in the first semester of 2007 to RON 102 million in the first six months of 2008.
One should also underline that this significant increase in the value of the executed construction works was accomplished while reducing to half IMPACT's debt degree, from 68% on the 30th of June 2007 to 33% on the 30th of June 2008, which insures a high potential of attracting loans for new projects.
Among the ongoing projects, the Europa project in Oradea was completed in the first semester, the first of IMPACT's projects that include a partnership with the local authorities.
Regarding new projects,
- All the necessary permits were obtained in the first semester for the Greenfield II project in Bucharest, sector 1, and the building permit for the first building with cluster-type houses is to be obtained in August.
- The company contract was signed for the new company called Lomb SA, for the development of the Lomb project, in partnership with Cluj Napoca Local Council. As part of the Lomb project, the construction of the project networks will start in August.
Economic Manager,
Carmen Săndulescu
