Romania’s Meta Estate Trust net profit soars y/y in Q1

Meta Estate’s turnover soared to 3.4 million lei in the first quarter from 129,666 lei a year earlier, it said in a financial report filed with the Bucharest Stock Exchange, BVB, on Monday.

The increase in turnover was mainly driven by sales of residential units owned in the Mobexpert Homes and Parcului real estate projects in Bucharest, Meta Estate said.

The company’s operating income jumped to 5.2 million lei in the review period from 1.1 million lei, whereas total operating expenses climbed to 4.7 million lei from 1.3 million lei.

Total assets stood at 109.9 million lei at the end of March, edging up from 109.8 million lei a year prior, while total debt and provisions fell by an annual 29% to 4.6 million lei.

Looking ahead, the company projects a net profit of 10.6 million lei for the end of 2024, up 12% over 2023.

Meta Estate Trust was established in 2021 and is currently listed on the AeRO market of the BVB.

Shares in Meta Estate Trust traded 0.65% higher at 0.775 lei as at 1351 on Tuesday.

(1 euro=4.9746 lei)