Unirea Shopping Center, which runs two shopping centers in capital city Bucharest and central city of Brasov, posted a net profit of 603,000 lei (EUR134,000) in the first three months of the year, from RON2.9 million in the year-ago period.
Sales decreased to RON19.4 million, from roughly RON20 million in the first quarter of 2013.
The company said total expenditures rose 10% year-on-year to RON18.8 million. Overall revenues were down 5% to RON19.9 million.
Unirea Shopping Center is majority owned by Dan and Carmen Adamescu, through Nova Trade company, with a 74.16% stake. Regional investment fund SIF Muntenia (SIF4.RO) holds a 10% stake.
The company’s shareholders will meet next week to discuss taking out a loan of up to EUR70 million to finance investments in the two shopping centers.
Wednesday, Unirea Shopping Center’s shares closed down 15.87% at RON53 in Bucharest. (EUR1=RON4.3934)