GTC reports higher losses than expected, chairman resigns
Warsaw-listed real-estate developer GTC posted a worse-than-expected 2011 net loss caused by further write-offs on its portfolio, a Reuters news reads, while, Eli Alroy, the driving force and chairman of the supervisory board of GTC (Globe Trade Centre) since the company was founded in 1994, resigned from his position. March 2012
GTC, developing commercial and office buildings, reported an annual net loss of EUR 270 million euros, while forecastings stated a loss of 167 million. Supervisory board chairman Ali Alroy, who held the post since 1995, will be replaced by fellow board member Alain Ickovics, GTC representatives announced. According to the company reports, the real-estate firm, which lost nearly two-thirds of its market value last year, lost EUR 105 million euros from the value of its portfolio in the last quarter of 2011, after writing off 191 million in the previous two quarters.
The real estate developer makes one third of its business in countries as Romania, Bulgaria, Croatia and Hungary. In Romania, GTC is knows for having developed icon-office buildings as Europe House, America House and the two towers of City Gate (photo), but also residential compounds totaling over 2,000 apartments as residential complex Rose Garden located in Colentina, or Felicity, near Baneasa forest. In retail, GTC developed locally over 65.000 sqm retail projects under the name of “Galleria” commercial centers in cities as Buzau, Bucuresti, Bistrita, Galati, Arad, Suceava or Piatra-Neamt.
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