Cocor posted loss of RON10.5 million and sales of nearly RON9.5 million in the first nine months of 2012.
Its revenues rose over 5% to RON17.5 million, while expenses dropped nearly three times to RON9.7 million between January and September 2013, according to a report sent Tuesday to the Bucharest Stock Exchange. Cocor registered revenues of RON16.6 million and expenses of RON27.1 million in the same period a year ago.
The company managed a few months ago to reschedule until 2015 a loan of nearly EUR15 million contracted in 2008 from BCR and the shopping center no longer risks foreclosure over debts. The owners of the mall said in October 2012 BCR was foreclosing on the shopping center and would auction it off at a starting price of RON134.9 million. Later, the bank approved the suspension of foreclosure procedures targeting Cocor.
Following investments worth about EUR25 million, the mall’s lettable area increased from 6,000 square meters to 10,000 sqm. Cocor was reopened in October 2010.
Cocor Bucuresti is owned by investment fund Broadhurst Investments, with a 13.32% stake, SIF Transilvania (SIF3.RO), with 10.24% of the shares, SIF Muntenia (SIF4.RO), which holds a 10% stake in the company, and businesspeople Daniel Stoica (14.66%), Liviu Ursan (14.83%) and Aurel Besliu (over 7%).
On the Bucharest Stock Exchange Tuesday, Cocor dropped 36.11% at RON77.95 a share.