Impact goes up on a falling market

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Real estate developer Impact Developer & Contractor Bucharest announced a 30-percent rise in net profit in the first half of the ongoing year, up to 3.8 million euros, compared to the same period in 2007, despite the real estate transactions reporting a stagnation because of the international crisis. In the first half of last year, Impact reported a net profit of 2.7 million euros.
 
The turnover grew 2.4 times, fro 9.1 million euros in the first half of last year to 22 million euros in the same period of 2008.
Carmen Sandulescu, economic manager of Impact Bucharest said that contributing most in the company’s revenues in the third quarter were the apartments sold within the projects Total and Rubin within the residential complex Greenfield. She said that, generally, the best quarters for the company are the second and the fourth because in the cold season work is harder, wheeas sales are poor in summer time.
 
In the first quarter of this year, Impact Bucharest finalized the real estate project Europe of Oradea (western Romania), being the first of this type made in cooperation with the local authorities.
At present, Impact is taking the necessary steps to start the construction of a building of housing units in Bucharest. The company announced in May that it will allot in partnership with another investor about 160 million euros for the erection of over 1,900 apartments on a plot of land of 17 ha in northern Bucharest. The works will unfold over 2008-2011.
 
Also this year, Impact starts the infrastructure works at a real estate project situated in Cluj-Napoca (center Romania), developed in partnership with the municipality, which will include 6,000 housing units.
Impact Developer & Contractor Bucharest is a Romanian company whose activity field are constructions. The company has a market value of 109.7 million euros. The bonds of Impact are traded in the first category of the Commodities Exchange under the symbol IMP.
 
Impact Developer & Contractor Bucharest has a share capital worth 56.54 million euros, divided in shares.
The main shareholders of the company are Dan Ioan Popp with a 27.96-percent stake and Daniel Sandulescu, who owns 11.30% of the shares. Julius Baer International Equity Fund holds an 8.46-percent stake.
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