Villas push Impact profit up

Villa constructor Impact Bucharest concluded first quarter with 25.3bn ROL (0.62 million euro) net profit, four times higher than in the same time last year. The first quarter of 2003, however, was marked by an over 90% profit drop for Impact because of the changes in some accounting norms regulating how revenues derived from the sale of villas in instalments should be recorded and because of the long winter that impacted on the construction works of the company. This year’s winter was shorter, though, so that Impact made 127bn ROL (3 million euros) turnover, up more than 80% in nominal terms from the same time last year. Impact’s profit is higher than anticipated in the S&R budget for Q1, 0.48 million euros. Impact’s total revenues in the first three months, 3.8 million euros, were within the budget expectations. ZF