Imotrust targets 51 mln euros in profit in 5 years

Real estate developer Imotrust Arad (western Romania) is targeting a gross profit of 186 million lei (51 million euros) in the upcoming 5 years as a result of its 32 ongoing projects, a gain set to also include the profit afferent to participations in the companies in which it is a shareholder, according to some documents published on its own site.
Over 2008-2012, Imotrust expects total revenues from the ongoing projects in the value of some 662 million lei (181 million euros). Net accounting assets of the real estate development company are expected to rise from 250 million lei (68.5 million euros) at this year-end to 450 million lei (123.2 million euros) at the end of 2012.At the end of June, Imotrust net accounting assets, excluding its participations, rose to 151.6 million lei (41.5 million euros).
“Projections are pretty realistic for the moment they are made. In principle, we should derive these results”, said Octavian Molnar, quoted by Ziarul financiar daily, member of the Imotrust Arad Monitoring Council and director of IFB Finwest, brokerage company which holds a significant package in the real estate company.

The group, which includes Imotrust, estimates it will make in the upcoming five years total revenues of 1.44 billion lei (some 394 million euros) and a gross profit of 297 million lei (81.3 million euros).
Imotrust Arad is a company with integral private capital, member of the company group known till now under the name of Codlea Group.
Imotrust is controlled by businessman Alexandru Bercea through several companies, which together account for more than 65% of the company’s share capital. Foreign investment fund MEI has a participation of more than 5% in the company and lately it acquired almost daily real estate developer shares put on sale on the capital market.
Uta Arad recently sold an industrial park in a transaction in the value of 67 million lei (18.3 million euros), Imotrust indirectly holding a pretty important share in the real estate developer with whom it plans to merge.
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