Realtor Impact Bucharest reported total preliminary revenues worth 725 billion ROL in 2003, up 29.4% from 2002, whereas net income increased only 5%.
Gross profit had a positive evolution, as it climbed 22.3%, from 209.5 billion ROL in 2002, up to 256.1 billion ROL last year.
However, net income only increased 5% (as the accounting regulations were modified), from 181.41 billion ROL to 192.11 billion ROL.
"The income tax increased in 2003, as the deferred income tax was also added. Therefore, the net income for 2003, which amounted to 204.91 billion ROL literally shrank by 12.8 billion ROL, an amount which will not be paid now, but next year," the company's report shows.
Impact is the first real estate company on the Romanian market that built up the concept of selling villas in instalments, whereas the specific operations have a significant impact upon the balance sheets.
The Bucharest Stock Exchange (BSE) investors eagerly awaited Impact's financial results, mainly because of the company's policy to distribute the profit, both as dividends and free shares.
Impact shares have climbed 20% on the stock market since the beginning of the year.
The company last year announced it would build some 130 villas in the residential complex Class in the northern area of the Capital. The value of the entire project revolves around $13 million.
The complex will comprise three categories of houses, spreading on 90 to 380 square metres, while the prices will vary from $80,000 to $300,000.
The project will be completed in four-five years and will include a mall, a sports area, playgrounds for the children and 70 parking spots.
laurentiu.ispir@zf.ro
