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GTC Drops to 2-Month Low as Polish Property Developer Posts Loss

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.”

To contact the reporter on this story: Piotr Bujnicki in Warsaw at

To contact the editor responsible for this story: Gavin Serkin at

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