Orco should report its 9M05 figures in November 23. While we expect the trends set in the 1H05 of the year in Orco’s main business lines, i.e. MMR, Hotel and property rental, we expect the development business to show a y/y drop as most of Orco’s development projects are set for completion towards the end of 2005 but mostly in 2006 and 2007. At the same time, the 3Q05 results should be significantly impacted by revaluation of the Hvar Suncani project acquired earlier this year. Note that y/y comparison is limited to sales figure only as Orco did not provide other 9M04 numbers under IFRS.
In 000s EUR, IFRS 9M2005E 9M2004A % change Consensus
Sales 42,746 57,592 -25.8% n/a
Profit from revaluation 34,558 - - n/a
EBIT 35,699 - - n/a
EBIT margin 83.5% - - n/a
Pre-tax profit 31,690 - - n/a
Net Income 22,817 - - n/a