The company’s turnover dropped 43% to RON9.5 million in January-September, from RON16.7 million during the same period of 2011.
Cocor posted 21% lower revenues, at RON16.65 million in January-September, and expenses of RON27.2 million, down 3% on the year. In the first nine months of 2011, Cocor’s revenue was RON21.2 million and its expenses amounted to RON26.27 million.
The shopping center was modernized through a EUR25 million investment, but further put up for sale, with an asking price of EUR50 million.
The owners of Bucharest shopping center Cocor decided early October to sell the unit’s commercial spaces separately, and the minimum price was set at EUR5,000 per square meter.
At the end of 2011, shopping center Cocor was valued at 45.1 million lei (EUR10.5 million).
Company shareholders include investment fund Broadhurst Investments, SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO), Daniel Stoica, Liviu Ursan and Aurel Besliu.
Cocor Bucuresti shares were last traded on the Rasdaq market Wednesday at RON79.9 a share. (EUR1=RON.4.5379)