RPT-Czech Orco 2006 net profit slightly below fcast

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PRAGUE, March 29 (Reuters) - Czech real estate developer Orco Property Group said on Thursday its net profit rose to 96.7 million euros ($129 million) last year from 54.5 million in 2005.

The market had expected net profit of 98.4 million euros, according to a Reuters poll of six analysts.

Earnings per share rose to 12.58 euros from 9.25 euros, a slower growth than the overall profit due to dilution.

The net profit included a 145.9 million euro gain from revaluation of investment properties, land bank and consolidation gains. The biggest single revaluation gain was made on the Bubny plot in central Prague, of 34.5 million.

Orco said net asset value per share doubled to 99.4 euros, above previously reported 92 euros.

Revenues rose to 172.9 million euros from 50.35 million in 2005.

The company reiterated its outlook for a 223 million euro revenues this year and a one euro dividend per share, up from 0.8 euros last year.

"In terms of forecasts, the 2007 market is well oriented: low interest rates, average gross domestic product growth of 5 percent across central Europe, recovery in Germany," Chief Executive Jean-Francois Ott said in a statement.

The stock rose 2.33 percent to close at 3,510 ahead of the news, having gained 40 percent over the past year.

The company, now traded on the Euronext and in Prague, plans listings in Warsaw and Budapest in the coming weeks through a roughly 100 million euro new share offering.