Orco Property Group has posted a profit of EUR 233 mln in 2010, returning to positive territory for the first time since 2007.

'The results of 2010 coupled with our initial achievements this year validate our strategy of safeguarding and developing high potential assets,' said President & CEO Jean-François Ott. 'We have a springboard for the future with the improving prospects in our key markets of Prague, Warsaw and Berlin that allow us to either sell those assets or develop them alone or in partnerships.'

Net profit amounted to EUR 233 mln last year, compared to a 2009 loss of EUR 251 mln. Revenue rose 25% to EUR 315 mln and net asset value rose to EUR 28.6 per share, compared to EUR 8.2 at the end of 2009.

The group, which owns over EUR 1.7 bn of assets, said it sold or closed sales agreements representing EUR 121 mln of commercial developments, and a total of EUR 185 mln of real estate assets in 2010. The disposals were concluded at a value 10% above the December 2009 valuation.

The group's Loan To Value dropped to 68% at year-end 2010, compared to 84% at the end of 2009, mainly as a result of bond revaluations. Orco said it expects to achieve revenues between EUR 350 mln and EUR 370 mln in 2011, including the potential sale of the Sky Office building in Düsseldorf.