Real estate developer Impact Bucharest witnessed an 86% drop in its net profit in the first quarter of the year, against the similar period in 2005, given that the company''s turnover dropped by 40%. Impact''s net profit stood at some 84,000 euros (0.3 million RON), against a net income worth 0.6 million euros (2.25 million RON) in the first quarter of 2005. Company sales stood at 5.14 million euros (18.3 million RON) in the same period. "The drop in net profit was due to contracts with payment in instalments that were closed in this period, from which we now paid a tax on postponed profit worth some 0.8 million RON, although this profit has not been collected yet. As for the gross profit, it stood at 1.2 million RON, thus exceeding the 1 million RON budgeted for the first quarter," stated Carmen Sandulescu, financial manager and one of Impact''s major shareholders. ZF
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