Orco Property Group expects a profit in 2011 and will look at issuing new debt, chief executive Jean-Francois Ott said in an interview with newspaper E15 on Thursday, as quoted by Reuters news agency.
Ott said Orco would launch 20 percent more projects in 2011 than 2010, and continue to focus on its core central European markets in Prague, Budapest, Warsaw and Berlin.
"If we hold the line of return to 'the roots' of Orco's business, the figures should be positive," Ott said.
Orco should show a profit in 2010 after booking a 270 million euro gain in the second quarter from the revaluation of bonds under a court-approved restructuring. The company has said it expected revenue of 280-300 million euros in 2010, rising to 350-380 million in 2011.
Orco was forced to restructure debt this year after being hit in the past few years by a falling property market.
Ott said he wanted to issue new bonds and would also look at buying shares in the company, as he did in the past, when the price was attractive.
Orco is the majority owner of the Croatian hotel company Suncani Hvar, based on the southern Adriatic island of Hvar.
