Net profit generated by Echo Investment in Q3 this year amounted to nearly 59 mln PLN and grew by 335% compared to the corresponding period last year. Net revenues reached the level of nearly 95 mln PLN. At the level of the unit the company closed Q3 2010 with a net profit amounting to over 10 mln PLN and its operating income exceeded 75 mln PLN and was 34% higher compared to Q3 2009.

Revenues generated in Q3 2010 are the effect of signing final sales agreements in residential projects as well as lease of commercial spaces in projects completed in the previous years.

A significant factor which influenced the result was updating the fair value that took into account EUR and USD exchange rate differences, change of the net operating income level (NOI) and the level of yield on the investment as well as evaluation of the new projects. The sale of the Athina Park office building in Warsaw also had a significant influence on the result.

The total asset value amounted to 4.5 bln PLN and the level of equity capital grew by nearly 763 mln PLN compared to its level at the end of Q3 2009. At the end of Q3 2010 the Echo Investment Capital Group had nearly 382 mln PLN cash and cash equivalents.