Unirea Shopping Center downtown Bucharest reports lower turnover and profit in Q1

Romanian Unirea Shopping Center ended the first quarter with a turnover of RON 19.4 million (EUR 4.3 million), down 2.6 percent year-on-year, while its net profit decreased almost five times, to RON 603,000 (EUR 134,000). Its revenues decreased by five percent in the first three months of the year, to some RON 19.9 million (EUR 4.4 million), while the expenses went up almost 10 percent, to RON 18.8 million (EUR 4.2 million), according to a recent report sent to the Bucharest Stock Exchange. Unirea Shopping Center is owned by Dan and Carmen Adamescu, via the Nova Group, with 74 percent of the shares. It had revenues of RON 75 million (EUR 17 million) in 2013, 9 percent lower than in 2012, and a net income of RON 2.8 million (EUR 0.64 million), 18 percent smaller. Irina Popescu, irina.popescu@romania-insider.com