The net operating loss also rose to €5.7 million from €4.3million a year earlier, but swung into a profit of €2.4 million inthe third quarter. Nine-month net rental and related income grew41% to €11.7 million, mainly on increased occupancy of its CityTower office building, the Czech Republic's tallest building.

City Tower is part of ECM's City multifunctional office andresidential project in Pankrác, Prague 4. ECM also sold 65% ofstage 1 of its Unhost Terraces residential development near Prague,completed construction of two Chinese projects and progressed its€100 million-plus Russian shopping mall in Ryazan, 180 km fromMoscow.

Total equity shrank by 29.4% from end-2008 to €67.3 million.Total assets were down 22.7% at €524.3 million, reflecting thechange from full to equity consolidation of its Chinese projectsECMall and office building Metropolis Tower - scheduled to open inQ1 2010 - after it sold a 23% stake to its local JV partner earlythis year, cutting its own stake to 37%. ECM didn't revalue itsinvestment portfolio, but it reported a valuation loss of €1.7million on exchange rate fluctuations. Administrative costs werecut by 25%, with some effects from cost-cutting measures yet towork through.