The real estate development company Impact Bucharest reached net income worth 3.17 million euros (11.2 million RON) in the first half of this year, up 40% from the same period of last year. The profit was largely generated by the sale of the Construdava office building. The company's turnover in H1 revolved around 23 million euros (81.5 million RON), compared with 18 million euros (65.8 million RON) in the same period of 2005. "Figures reported for H1 were largely influenced by revenues generated by the sale of Construdava. However, pursuant to prudential norms, until the deal is finalised its entire value in turnover and income cannot be yet recognised. I believe there is still a reserve of at least 40% of the value of the deal that would probably be included in the Q4 figures," Dan Ioan Popp, Impact chairman, told ZF. In June, Impact signed a contract for the sale of the Construdava class A office building to European Property Convergence Company British investment fund, managed by Charlemagne. The deal is worth at least 19 million euros, while Impact's profit from it amounts to around 50%, according to Impact officials.
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