BUSINESS

AFI Palace Cotroceni posts EUR 29.1 M net profit in 2013

One of Bucharest’s biggest shopping malls, AFI Palace Cotroceni, in the portfolio of Cotroceni Park SA, last year made an after-tax profit of EUR 29.1 M, five times higher than the previous year, a record earning for the local retail centre market.
This result pushes Cotroceni Park SA up among the first 50 companies that made the biggest profits last year in Romanian economy. At the top of the ranking stands OMV Petrom SA, with a net profit of over EUR 1 bn in 2013. The profit reported by AFI Palace Cotroceni is almost three times bigger than what Baneasa Developments reported for 2013 (EUR 10.3 M), a company that has the Baneasa retail area in the Northern part of Bucharest in its portfolio. The mall had a profit margin of 94 per cent, since the turnover only grew to EUR 30.8 M, according to the balance sheet data submitted by the company and posted on the website of the Ministry of Finance.

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