Aug. 16 (Bloomberg) -- Globe Trade Centre SA, Poland’s second-largest property developer by market value, dropped to the lowest in two months after posting a quarterly loss.
The shares fell as much as 5.6 percent to 5.77 zloty, the lowest since June 12. They traded at 6.05 zloty as of 1:44 p.m. in Warsaw, valuing GTC, the worst-performing stock in the WIG20 Index this year, at 1.45 billion zloty ($437 million).
The second-quarter net loss was 60.9 million zloty, compared with a 145.7-million zloty loss a year earlier, as GTC devalued assets in Romania, Bulgaria and Croatia, it said in a statement today. Retail markets in southeastern Europe will “remain weak” because of “poor economic performance,” GTC added.
“GTC disappointed on the bottom line,” Bartlomiej Kubicki, a Vienna-based analyst at Raiffeisen Centrobank AG, said by e-mail today. “I don’t expect a significant improvement in their operational performance in the near future as the amelioration of the economies in the SEE region will take some time.”
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