Arco announces massive Q2 losses

  • 2008-08-29
  • In cooperation with BNS
TALLINN - Estonian real estate group Arco Vara has announced that itlost approximately 28 million kroons (1.8 million euros) in the second quarterof 2008.

The announcement brings the company's net losses to 44.7 million kroons inthe first half of this year 's down by 271.9 million kroons from a net profit of227.2 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 andit's our first priority to ensure that it stays like this, especially under theglobal capital market turbulence and much higher refinancing risks," he wasquoted by BNS as saying.

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