Cocor profit down to half

Cocor Bucharest company, which also holds the Cocor store based in Bucharest, in the first half of the year logged profit standing at 21.2 billion ROL (524,000 euros), 50% lower in ROL as compared to the year-ago period, but 30% higher against the projected level of 16.2 billion ROL. “The profit slump has been primarily generated by the significant increase in expenditures associated with the development of an ample investment programme initiated during the previous years. Thus, some 16 billion ROL have been budgeted as expenses for this year, and this has eaten into our profit,” commented Aurel Besliu, Cocor chairman. The company has invested in its Cocor Turism company and in its commercial spaces located in Bucharest. In the case of Cocor store, investments were aimed at the installation of escalators and amounted to 700,000 euros. Cocor is one of the largest Romanian stores, with an area of 13,748 square metres. ZF