Echo Investment S.A. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
September 20, 2023 at 06:08 pm EDT
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Echo Investment S.A. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was PLN 2.42 million compared to net income of PLN 10.44 million a year ago. Basic loss per share from continuing operations was PLN 0.01 compared to basic earnings per share from continuing operations of PLN 0.03 a year ago. Diluted loss per share from continuing operations was PLN 0.01 compared to diluted earnings per share from continuing operations of PLN 0.03 a year ago.
For the six months, net income was PLN 9.11 million compared to PLN 61.88 million a year ago. Basic earnings per share from continuing operations was PLN 0.02 compared to PLN 0.15 a year ago. Diluted earnings per share from continuing operations was PLN 0.02 compared to PLN 0.15 a year ago.
Echo Investment SA is a Poland-based company active in the real estate sector. The Company realizes investments in three operating segments: residential areas, providing leasing out and sale of residential and commercial space; shopping centers, providing leasing out and sale of commercial and entertainment space; and office buildings and hotels, providing leasing out and sale of office and hotel space. The Company manages the investment processes of given projects, starting from the purchase of property, through obtaining administrative permits, financing, implementation, supervision to putting the facility into service. The Company provides its services in Poland, Ukraine, Romania and Hungary. The Company operated 75 subsidiaries providing construction and engineering services, as well as rental and management of real estate properties. The main shareholder of the Company is Bafia Sp z o o. It operates through Compass Offices Management Poland Ltd Sp z o o.