RPT-Orco 9-month net profit half of market forecast

(Repeats story published late on Wednesday)

PRAGUE, Nov 22 (Reuters) - Luxembourg-based Orco Property Group <ORCO.PA> <ORCOsp.PR> said on Wednesday its third-quarter net profit and total revenues were well below market expectations, in part due to lower-than-forecast asset revaluations.

Orco said net profit totalled 22.92 million euros, less than half the average market estimate of 46.03 million euros.

It added in a statement that revenues for the nine-month period were 79.64 million euros, well below the 96.93 million euro forecast of analysts.

"The expected sales for 2006 is corrected to 180 million euros due to a shift in deliveries to January 2007," Orco said in explaining why the firm lowered its 2006 revenue forecast from 200 million euros.

Orco said its net gains on fair value adjustments were 41.42 million euros, against analysts' expectations of 59.1 million euros.

The firm also said it had decided to proceed with a plan to list the stock on the Budapest Stock Exchange in the first quarter of 2007 and on the Warsaw Stock Exchange in the second quarter of next year.

This would make it the first company to be listed on the three main bourses of post-Communist central Europe.

((Reporting by Alan Crosby, editing by Will Waterman; prague.newsroom@reuters.com; Reuters Messaging: alan.crosby.reuters.com@reuters.net; +420 224 190 477))

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Keywords: PROPERTY CZECH ORCO