The company’s turnover dropped to RON6.2 million from RON12 million.
Cocor posted revenue of RON9 million, down 43% on the year, and expenses of RON16.9 million, 5% lower. In the first half of 2011, Cocor’s revenue was RON16 million and its expenses amounted to RON17.8 million.
The shopping center was modernized through a EUR25 million investment, but was put up for sale last month, with an asking price of EUR50 million.
Last year, the company’s losses amounted to RON34.8 million. The center’s building was estimated to be worth RON45.1 million (EUR10.5 million) at the end of 2011, from RON86.4 million (EUR20 million) the previous year.
This year, Cocor expects turnover of RON20 million and losses of RON2.56 million.
Company shareholders include investment fund Broadhurst Investments, SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO), Daniel Stoica, Liviu Ursan and Aurel Besliu. (EUR1=RON.4.4924)