May 18 (SeeNews) - Romanian real estate developer One United Properties [BSE:ONE] said that its adjusted consolidated net profit soared 119% year-on-year in the first quarter of 2023, reaching 151.7 million lei ($33 million/30.5 million euro).
The result excludes a one-off gain from the bargain purchase of Bucur Obor, recognised in the first quarter of last year, with the unadjusted net profit decreasing by an annual 9% in the first three months of 2023, One United Properties said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB, last week.
The company’s consolidated turnover increased by 26% on the year to 439.5 million lei in the first three months of 2023, supported by a 67% jump to 329 million lei in residential sales.
The net income from residential property rose by an annual 24% to 101.5 million lei in January-March, while net rental income expanded fivefold on the year, to 21.8 million lei.
One United Properties sold and pre-sold 220 apartments totalling 18,490 sq m, along with 488 parking spaces and other unit types, for a total of 90.5 million euro ($97.9 million). As of end-March, 67% of available apartments were sold out and an additional 260 million euro were to be received in additional cash by 2025, under contracts concluded with customers.
The developer plans to kick off the first phase of sales for its One Lake District project with 2,076 residential units and potentially, One Cotroceni Towers, which was purchased with all the necessary permits and hosts 1,296 residential units.
One United is targeting a 530 million lei net profit in 2023, up by an annual 5.5%, on a turnover of 1.43 billion lei.
Shares of One United Properties traded flat at 0.91 lei as at 1141 CET on Thursday on the Bucharest bourse.
(1 euro=4.9731 lei)