GTC sees Q1 profit pared to bone

Profit of Globe Trade Center (GTC) developer, known for the office building America House, sank 87.35% in first quarter 2009, down to 4.4 million euros, from 34.8 million euros in prior-year period.
In first three months, GTC booked revenues of 45.2 million euros, with 21.5 million euros derived from rents, and 23.7 million euros from apartment sale. The housing transactions were spurred by the delivery of Osiedle Konstancja in Warsaw, Rose Garden in Bucharest and Park Apartments in Belgrade.

On lease segment, GTC sealed deal with Autoitalia, importer of Fiat, Alfa Romeo, Lancia, Ssang Yong, Maserati and Segway in Romania for the lease of a 1,300sqm area in City Gate (photo) compound in Bucharest. Autoitalia inked a three-year agreement, thus preparing to launch the largest showroom of Alitalia in Romania.

GTC said the two office towers would be delivered in third and fourth quarter 2009, with nearly 80% being rented by companies such as Romtelecom, Microsoft, Millennium Bank, Salans and Hoffman, LaRoche. The City Gate project is made up of two 18-stories towers and required 108 mln euros investment.

At the end of March, GTC opened the second Galleria Mall in Suceava, Romania, following a roughly 25-million euro investment. Globally, the company sealed leasing agreements for around 60,000 sqm commercial spaces and offices.

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