Arco announces massive Q2 losses

Aug 29, 2008
In cooperation with BNS

TALLINN - Estonian real estate group Arco Vara has announced that it lost approximately 28 million kroons (1.8 million euros) in the second quarter of 2008.

The announcement brings the company's net losses to 44.7 million kroons in the first half of this year 's down by 271.9 million kroons from a net profit of 227.2 million kroons earned a year ago, the company told the Tallinnstock exchange on Friday.

Lembit Tampere, the chairman of the company's management board said, however, that its position was still good despite the heavy losses.

"Arco management considers that our liquidity position is still good and it's our first priority to ensure that it stays like this, especially under the global capital market turbulence and much higher refinancing risks," he was quoted by BNS as saying.

Arco Vara is the market leader in Estonian real estate, and is one of the leading companies in all three Baltic states.

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