Romania's One United Q1 net profit down 4% y/y

One United Properties booked a consolidated turnover of 419 million lei in the first trimester of the year, down by an annual 5%, it said in a financial report filed with the Bucharest Stock Exchange.

The decrease in turnover was underpinned by a 7% yearly decline in revenues from sales of residential property, which amounted to 306.4 million lei in the first quarter.

The net income from residential property increased by 18% on the year to 119.5 million lei, as a result of the revenue recognition of the new developments where construction began in 2022 and 2023.

As many as 92 apartments spanning 10,618 sq m as well as 228 parking spaces and other unit types were sold or pre-sold by One United in the first three months of the year for 57.1 million euro.

One United's rental income, including revenues from services to clients, climbed by an annual 22% to 38.5 million lei in the review period.

The company's total assets stood at 5.116 billion lei at the end of March, inching up by 3% since the end of last year.

Established in 2009, One United Properties is a developer of residential, commercial and office real estate.

Last month, One United said it will grow its share capital by 6,240,640 lei, which is an increase of 0.8%, in order to set off liquid and due receivables held against the company by the beneficiaries of its approved share allocation plans. The new shares are due to be distributed on June 27.

Last week, blockchain fintech startup MetaWealth said that One United Properties has listed an asset on its tokenization platform as part of a 20 million euro framework agreement.

Blue-chip One United's shares traded 0.45% lower at 0.879 lei as at 0948 CET on Monday on the Bucharest bourse.

(1 euro=4.9756 lei)