Vornado Reports $57.8M Profit for 2Q

August 3, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on August 4, 2010 Vornado Realty Trust (NYSE: VNO) reported a net profit of $57.8 million for the second quarter ended June 30 in the second quarter, compared to a net loss of $51.9 million in the same quarter last year.

Vornado owns close to two million square feet of showroom space in High Point that is managed by Merchandise Mart Properties. The company also owns the Merchandise Mart Properties in Chicago where the International Casual Furniture & Accessories Market is held each fall.

In High Point, the company is in default on a $191 million mortgage on the properties and has reportedly agreed to forfeit them.

Paramus, N.J.-based Vornado reported revenues for the second quarter of $696.1 million, up from $673.8 million during the same quarter last year.

Vornado's income for the first half of the year $258.1 million, compared to net income for $73.9 million for the first six months of last year.

The complete earnings release is online.