Romanian real estate developer Impact Bucuresti sees net profit increase of 30%

Romanian construction company Impact Developer & Contractor posted a 30 percent year-on-year climb of net profit to 14.08 million lei for the first semester, following a two-fold advance in turnover, a release reads.

The company had registered a 10.84 million lei net profit in the first half of 2007. Turnover hiked 2.4 times, from 32.1 million lei to 77.6 million lei.

The company's six-month revenues climbed 58.6 percent year-on-year to 129.56 million lei. Spendings totaled 112.5 million lei, 65.6 percent up from the similar period last year.

Impact Bucuresti finished the real estate project “Europa” in the western city of Oradea in the first semester of 2008. Two other projects are due to start this month in Bucharest and in the central city of Cluj-Napoca.

The company's degree of indebtedness lowered from 68 percent in June 2007 to 33 percent after the first half of this year, meaning the company can contract more loans to develop new projects.

Impact Bucuresti has a share capital of 200 million lei, divided into 2 billion shares with a nominal value of 0.10 lei. The main shareholders are Dan Ioan Popp with 27.96 percent and Daniela Sandulescu with 11.30 percent. Julius Baer International Equity Fund has a participation of 8.46 percent.

The company's market value stands at 388 million lei for a trading value of 0.194 lei, established on August 14. Shares are traded on the first tier of the Bucharest Stock Exchange under the symbol IMP.