AFI net income up 8% at 9M, Romanian projects valued at 600 mln. euro

The net operating income (NOI) of the Romanian portfolio of AFI Europe Romania increased to euro 30 million, 8.2% higher then the first nine months (9M) of 2014. AFI Palace Cotroceni, the biggest asset, was valued as of 30.09.2015 at euro 434 million.

The NOI for 3rd quarter (Q3) was of euro 10.2 million and close to euro 30 million in the first 9 months of 2015, representing an 8.2% higher result compared to the similar periods of 2014.

Total value of the completed projects, shopping malls AFI Palace Cotroceni, AFI Palace Ploiesti and the first 3 office buildings of AFI Park, increased to close to euro 600 million, as of September 30, 2015.

AFI Palace Cotroceni Shopping Mall in Bucharest, the company's largest and most important asset, generated a NOI of euro 7.7 million in Q3 2015, representing 3.3% higher result than 2014 and euro 23 million in the first 9 months of 2015, representing a 4% higher result compared to the same period of 2014.

The shopping mall was valued as of September 30, 2015 at euro 434 million, representing an increase of 8.2% compared to last year.

AFI Palace Cotroceni retailer's sales (turnover) excluding the hypermarket increased by 7.3% in Q3 and by 7.4% in the first 9 months of 2015, compared to the same periods in 2014.

AFI Palace Ploiesti shopping mall net operating income (NOI) resulted in euro 3.2 million for the first 9 months of 2015 representing a 7% increase compared to the same period last year.

AFI Palace Ploiesti results show significant increase in retailer's sales (Turn-Over) which was increased in Q3, 2015 by 28% and by 23% in the first 9 months of 2015, compared to the same periods in 2014. Current occupancy rate of the shopping mall in Ploiesti exceeds 99%.

AFI Palace Ploiesti was valued at euro 67.7 million as of September 30, 2015, as opposed to euro 66 million last year.

"AFI Europe Romania has concluded Q3 and the first 9 months of 2015 with excellent operational and financial results as shown by the growth in NOI (Net Operating Income) of our income generating assets in Romania by 8.2% and by the valuation of our existing assets, 2 shopping malls and 3 office buildings, rising to a value close to euro 600 million," said David Hay, CEO AFI Europe Romania.

"Currently the portfolio in Romania consists of 150,000 sqm of leasable areas with an average occupancy rate in all income producing assets of over 98%. Additional 32,000 sqm of GLA are to be added to the portfolio upon the completion of AFI Park 4&5 in January 2016.

The good financial results coupled with positive microeconomic numbers of Romania encourage us to start more projects during next year such as: The new shopping Mall to be developed in Brasov (45,000 sqm GLA) and the Office Park to be developed on Progresului Boulevard in Bucharest (50,000 sqm GLA), which are planned to commence construction in 2016".

AFI Properties announces Dividend Distribution of euro 45 million

"AFI Properties", the parent company of "AFI Euroope", has published its Q3 and first 9 months of 2015 financial reports, registering profits of euro 34 million in Q3 and euro 46 million for the first 9 months of 2015.

AFI Properties also announced a net operating income (NOI) of euro 20 million for Q3 2015 and euro 61 million for the first 9 months of 2015 representing an increase of 2.3% in comparison to the first 9 months of 2014. Results for the first 9 months of 2015 compared to 2014 were influenced by the sale of the shopping mall in Pardubice in the Czech Republic and the weakening of the euro currency vs. the Shekel. The operational profit increased in the first 9 months of 2015 by 24% to euro 98 million compared to same period in 2014.

AFI Properties announced an additional dividend distribution to its shareholders of approximately euro 45 million following euro 18 million previously distributed this year.

Currently, AFI Properties through its subsidiaries is developing 75,000 sqm of offices (32,000 sqm in AFI Park 4 & 5 in Bucharest) and 575 residential units in addition to several hundreds of thousands of sqm which are currently in design phase.

AFI Properties currently owns 548,000 sqm of income producing assets.

RPA unicorn UiPath is about to become one of the highest-value companies in AI after is will be raising more than 400 million US dollars in Series D funding from venture capital investors, sources on the marke

About seven out of ten employees say they had smaller profits and business figures, because of the labour force deficit and the shortage of specialists, data of the latest opinion poll made by BestJobs recruiti

According to an opinion published by Berg Software, a company that specializes in technology consulting, software development and nearshoring/ offshoring, for both SMEs and large enterprises, with offices in Ti

Bertelsmann and Saham's customer experience business, "Majorel" has been recently launched, according to a press release of the company.

Fintech companies and start-ups in IT can test the new BT Open Banking platform (BT Api Store), launched by Banca Transilvania, for online integration with banking services such as: display of online balances,

Techcelerator, the acceleration program in Bucharest and Cluj and one of the relevant catalysts of the local tech ecosystem's growth and development, announced a partnership signed with Google Developers Launch

Around 6.000 professionals are estimated to be hired in the outsourcing sector in Romania this year, according to a study conducted by Romanian Business Service Leaders Association (ABSL) and consultancy compan

Tremend, one of the fastest growing Romanian software companies, enriches its team of professionals. Stefan Patra joins the team as Vice President of the newly established unit of Financial Services and will co

Infosys a global leader in next-generation digital services and consulting, announced this week it will be opening a new Digital Innovation Center in Bucharest, Romania at an event attended by local government

A new era of mass producing satellites was achieved when Atos supported OneWeb in the successful launch of six satellites on February 27th. Atos' contributions included providing all of the Assembly, Integratio

This is the fifth edition of the event and the second year to select the public's favorite brand in the business services BPO, ITO and SSC in Romania.

In Romania, the employment rate measures the number of people who have a job as a percentage of the working age population. This page provides - Romania Employment Rate- actual values, historical data, forecast

The world of work will be shaped by five tectonic movements – or global megatrends – over the next few years. As you may guess from the geological analogy, the effects could be dramatic.

According to the EY Global Corporate Divestment Study, 84 per cent of European companies surveyed intending to divest within the next two years (the majority planning to do so in the coming 12 months), executiv

Part of the upcoming joint half-day event, Romanian Business Services Forum and Awards to be held at JW Marriott Hotel on May 7th, the discussion agenda comprises a complex Knowledge-sharing presentation on lat