One United Properties posts a consolidated turnover of 89.3 million euro and a gross profit of 36.2 million euro in Q1 2023

BUCHAREST, Romania, May 12, 2023 /PRNewswire/ -- One United Properties (BVB:ONE), the leading Romanian green developer of residential, mixed-use and office real estate, posts a consolidated turnover of 89.3 million euro in Q1 2023, a 27% increase compared to Q1 2022. The gross profit reached 36.2 million euro, a 61% increase excluding the one-off gain from Bucur Obor's bargain purchase recognized in Q1 2022 in the amount of 19.6 million euro. The net profit amounted to 30.8 million euro, an increase of 120% compared to Q1 2022 (a 8% year-on-year decrease if including the gain impact). The company ended the quarter with a strong cash position of 93.4 million euro, down 18% since the beginning of the year due to significant investment activity carried out since the beginning of the year. As a result, the gross loan-to-value indicator was 28% as of March 31^st, 2023, while the net of cash loan-to-value was 14%.