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The listed Estonian real estate group AS Arco Vara finished the first quarter of 2013 with a profit of 39,000 euros, compared with a loss of 1.3 million euros made during the the same period a year ago.
Arco Vara makes EUR 39,000 profit in Q1
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Revenue in the first quarter totaled 2.8 million, down from 3.6 million euros in the first quarter of 2012, Arco Vara told the stock exchange.
Revenue was 22 percent smaller than in the comparative period last year mainly because of a significant decrease in construction volumes. At the same time, the revenue of the service division remained stable and the development division increased its revenue 71 percent year over year, Arco Vara said.
Operating profit for the period was 0.3 million euros. In the first quarter of 2012 the company made an operating loss of 0.5 million euros.