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Ronson sees revenues fall

14 November 2017

POLAND Ronson Development has presented its Q3 results and announced a number of planned projects.

Total revenue came to over PLN 182 mln for the first three quarters, 10 pct down on the previous year. When apartment handovers from the City Link I joint venture project are included, the company’s total revenue exceeds PLN 195 mln for the period. Over the first nine months of the year Ronson delivered 456 apartments (510 in the same period of 2016) as well as 36 apartments in the City Link I project, in which it holds a 50 pct stake. The consolidated net profit for the first nine months of the year came to PLN 2 mln compared to PLN 11.4 mln last year. The net profit attributable to shareholders of its parent company came to PLN 0.1 mln which compares to PLN 0.8 mln a year ago. “No projects were scheduled for completion in H1 and we only completed two projects in September: Vitalia I in Wrocław and City Link I in Warsaw. With the City Link project, we only handed over 36 apartments in Q3 out of the 312 already sold, the majority of which will be delivered in Q4. This is when most of the profits from the project will be booked,” says Tomasz Łapiński, the CEO of Ronson Europe. “For 2017 we are aiming for a sales level similar to last year’s of over 800 apartments. Additionally, by the end of December we will have handed over around 900 apartments since January,” claims Andrzej Gutowski, the sales and marketing director at Ronson Development. Ronson has also announced a number of projects including developments in Szczecin. “We can see a lot of potential in this seemingly shallow market. Our Panoramika saw 30-40 pct higher sales than we had originally anticipated,” says Andrzej Gutowski. “This is why we will be starting construction work and apartment sales for the fourth stage of Panoramika (111 units) over the next few days and we are planning to launch another project on the outskirts of Szczecin in H1 2018.

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