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. Last Updated: 07/27/2016

Profit Triples for Orco

PRAGUE -- Orco Property Group, a real estate developer that operates in Central and Eastern Europe, said Monday that nine-month profit tripled, bolstered by the earnings of a German unit and new projects in the Czech Republic and Poland.

Net income advanced to 68.4 million euros ($101 million) from 22.9 million euros in the first nine months of last year, the Luxembourg-based company said in an e-mailed statement.

That exceeded the 50 million euro median estimate of five analysts surveyed by Bloomberg News. Sales surged to 213.3 million euros from 79.6 million euros a year earlier.

"The strong organic and external growth" accounts for "the sharp increase" in earnings, the company said in the statement. "The high level of future purchase contracts gives Orco's" management "confidence in meeting its full-year target of 164 million euros in revenues from development activities."

Orco bought Viterra Development in June last year as part of a move to expand in German real estate. Rental revenue almost tripled to 39.6 million euros, boosted by this year's takeovers of Russian warehouse operator Molcom and Gewerbesiedlungs-Gesellschaft mbH, which leases commercial space in Berlin.

Orco said it expected that its 2007 sales target of 250 million euros "will largely be fulfilled" and that it aimed to boost revenue next year.