Briefs
Polnord's profits for the second quarter
The Gdansk-based construction company Polnord SA, recorded a PLN 224,000 net
profit for the second quarter of 2002, compared to 3.2 mln at the same time last
year. Its operating profit was PLN 1.1 mln , compared to PLN 5 mln for the
second quarter of 2001.
Sales revenue for the firm, builder of Auchan hypermarkets in Gdansk and
Warsaw-Bialoteka among others, came to PLN 24.6 mln for the same period: a 74%,
year on year decrease.
Mitex reports success for the second quarter
Mitex SA, builder of Hotel Novotel in Kracow and the Media Markt store in
Lublin, has recorded a second quarter net profit of PLN 6.5 mln for 2002, though
the figure was PLN 4 mln, for the same period last year.
Sales revenue was PLN 219 mln, representing a 20% annual increase and the
operating profit was PLN 14.9 compared to that of 2001, which was PLN 12.4 mln.
Mostostal Export's second quarter
Mostostal Export has reported a PLN 8.2 mln net profit for the second quarter of
2002, which represents an 11 percent decrease compared to the corresponding
period last year. The company's revenue from April to June 2002 was PLN 144.5
mln, a 14 percent decrease, and an operating loss of PLN 4.9 mln was reported
for the same period.
FORAS' results
FORAS Poland recorded a EUR 2 mln profit before tax, (DKK 15.1 mln), for the
nine months between 1/10/01 and 30/06/02, compared to EUR 862,000 (DKK 6.4 mln)
for that same period ending last year. According to their report, The FORAS
Group as a whole during this time, made Eur 5 mln (DKK 37.5 mln) profit before
tax, against Eur 4.6 mln (DKK 34.5 mln) for that previous nine-month period.
FORAS Poland own the Targówek and Reduta shopping centres in Warsaw, which are
managed by FORAS Management Poland.
Metro changing the forecast
The German retail company Metro AG has considerably lowered its sales forecasts
for 2002, given the strong EURO in the 2nd quarter of the year, which affected
profitability in its shops in Great Britain, Poland, Romania, Turkey and
China and others. Metro's gross revenue in the 2nd quarter was EURO 181,8
million and the total last year was EURO 192,8 million.
Echo to issue bonds and shares
Echo Investment is to issue new shares and sell bonds in the autumn, to raise
funds of PLN 120-170 million.
Rafal Jankowski, analyst of Centralny Dom Maklerski of Pekao bank, explained to
,Puls Biznesu", that this money might be used for the purchase of land for
future investments, and that it there was nothing desperate about the measures
they were taking.
Exbud Skanska's remaining shares
The repurchasing (buying out) of Exbud Skanska's remaining shares on the stock
exchange began on 2 October and will be complete by the end of February 2003.
The securities will be repurchased for PLN 21 each, through Dom Maklerski Banku
Zachodniego WBK, (the brokers' house of Bank Zachodni WBK).
Rodamco Europe's results
Rodamco Europe, investor in and manager of retail centres and office buildings,
made EURO 141 million in the first half of 2002, a 3 percent increase
compared to the corresponding period of last year. A 3-percent growth in
proceeds from leasing the company's real estate (from EURO 192 million to EURO
198 million) and a high 96.1% rate of leasing, were influential factors.
Rodamco Europe also signed an agreement making it 50 percent owner of the
mixed-used complex ,Zlote Tarasy" in Warsaw, (excluding the hotel part),
once construction is complete. At the beginning of August, the investor bought
Sevilla Factory, an outlet centre in Spain, for EURO 24 million and we have also
heard that Rodamco is very much interested in the Warsaw retail centre, Galeria
Mokotów.
Aareal Bank's results
The Aareal Bank Group announced that it made a net profit of EURO 49 million in the first half of this year, a 11.4 percent increase on the previous period's.
