Orco reported a loss for 1q2005 of EUR3.3mn The loss corresponds to transition to IFRS accounting standards, which mainly affect Orco's sales, in paticular at its development unit, which forms c80% of Orco's sales.
Sales are now booked at the time of ownership transfer as opposed to previous booked during the completion.
As there were no projects completed in the 1q2005, the company reported a loss.
Most Orco's projects are to be completed by the end of 2005, 2006 and 2007.