GTC begins 2011 in the black
The first quarter results for Global Trade Center are out for 2011. GTCdoubled its profits from PLN 24.84m in the first quarter of 2010 to PLN 41.21m in 2011. Its rental revenues rose to PLN 6m over the same period. The company made a profit of PLN 114.5m over the course of 2010 (following a PLN 571.2m loss in 2009) and it expects another good year, with rising rental rates and limited new supply due to hit the market.
The Polish developer JW Construction has turned in a net profit of PLN 19.29m for Q1 of 2011, up from the PLN 17.6m it produced during the same quarter in 2010. One of Poland’s residential development leaders, JW Construction has been listed on the Warsaw stock exchange since 2007. It made an operating profit of PLN 31.57m during Q1 this year (up from PLN 28.8m in Q1 2010) and its revenues rose from PLN 118.25 to PLN 125.61