ECM finished H1 2010 in the red

2010-09-02

The developer ECM Real Estate Investments, which erected the highest building in the country as part of the City Pankrac complex, the City Tower (109 m high), finished the first six months of this year with losses of €41.2m. The losses doubled compared to the previous year. They were triggered by the decline in sales and in the price of real estates. The value of ECM’s assets, consisting mainly of buildings, declined in H1 2010 by a fifth compared to the same period last year, Hospodarske Noviny has reported.
ECM is currently building the office complex City Deco in Prague, planned to be finalised in 2012, in the Pankrac district. City Deco is envisaged to offer 10,000 m² of office space.
ECM is also struggling to gain orders in Russia and China. It is building a shopping centre worth €100m in the Russian city of Ryazan, which is planned to have 57,000 m² and is scheduled to be finalised at the end of next year.