Echo Investment Capital Group closed the 1st quarter of 2009 with net profit of nearly 53 million PLN (more than 100% growth as compared to the 1st quarter of 2008). Net revenues exceeded 134 million PLN and are over 50% higher than the revenues of the corresponding period last year.

Positive impacts on the result earned during the current period included revenues earned on sales of housing projects and rental of office and commercial space. Another factor was the fair value adjustment, accounting for quarterly differences in EUR and USD exchange rates and the change in net operating income, along with valuation of hedging financial assets. Yet another major influence was the posting of incomes earned under final agreements of sale of the following housing projects: Warsaw, Inflancka Street (3rd stage) and Zwycięzców Street (2nd stage); Poznań, Osiedle Naramowice (3rd stage); and Bilcza near Kielce (Bilcza II Estate).

The result on operating activities (earnings before tax and interest) equaled 402 million PLN as at the end of the 1st quarter of 2009, i.e. 875% higher than the value of EBIT as at the end of the 1st quarter of 2008.

Overall value of assets exceeded 1 billion EUR, i.e. over 36% higher than the assets value as at the end of the 1st quarter of the preceding year. Value of equity reached nearly 0.4 billion EUR, showing over 10% growth as compared to the result of the equivalent period of the previous year.

As at the end of the 1st quarter of 2009, Echo Investment Capital Group was holding nearly 211 million PLN of cash and cash equivalents.