It said its revenues from property sales more than tripled in the first quarter, to RON50.8 million.
“First quarter results were supported by the volume increase of apartment sales related to the Greenfield Baneasa Residence („Greenfield”) project, which led to an improvement of the financial indicators compared with 1Q 2018 given the structure of the operating costs that is mainly fixed,” the company said.
The property developer’s net assets stood at RON693 million at the end of March, up 7% from end-2018.
The company is 56.05% owned by Gheorghe Iaciu, while Adrian Andrici owns 15.24%.