Warimpex revenues rise 14% in H1 2011

Warimpex reports a “clear stabilization” in the hotel industry over the first half of 2011, which saw its hotel revenues rise by 14 percent, with EBITDA increasing 43% to €9.4m. Its conslidated sales rose by 9% to €51.2m, but it finished the first six months €3.2m in the red “due to scheduled write-downs and lower earnings from property sales.” Along with the sale of 12.5% of Sobieski Hotel in Warsaw, it completed Airport City in St. Petersburg in the final quarter of last year.

Revenues from hotel operations improved by 14 per cent from EUR 42.6 million in the first six months of 2010 to EUR 48.4 million. This change was primarily the result of significantly higher revenues from the recently opened hotels in Ekaterinburg, Łódź, Katowice and Berlin, which have established themselves on the market and are now enjoying stable revenues.


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