It’s a mixed bag for Warimpex in its QIII results filing. It concentrates on the improvement in operations, which rose 18% to €13.5m thanks largely to better performance of its hotels (Warimpex now runs 20 hotels). Not only was Warimpex able to benefit from an upturn in tourism over the period, but it managed to exit its 25% share in the Sobieski hotel (with a profit of €2.3m). EBITDA rose 15% to €17.7m over the same period. However, some writedowns on assets that took effect in September helped produce a loss over the period of €2.8m. Total revenues of the group rose 8% to €81m.
“The outlook for the fourth quarter on the transaction market is quite positive. We are currently in the midst of promising negotiations, one of which is in its final stage, and we are confident that we will have good news to report in the coming days,” said Warimpex CEO Franz Jurkowitsch.
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.
Orco’s handed in a €233.4m profit for 2010, which is a whole lot better than its 2009 loss of €250m. It says that selling off commercial development projects brought in €121m and an additional by selling real estate assets (rental buildings and land plots) produced €185m. Rental revenues declined 3% over the year, but showed an upward trend in the final quarter of the year. Those with a nose for detail may be interested to know that the Bubny site was transferred from the land bank into inventory back in July, after the local municipality announced its support for the project.
Full statement on the unaudited results available here. Or for some highlights, continue reading below…
IVG says that after making a loss of €158m in 2009, it had net income of €23.2m in 2010. This “clearly demonstrates the success of the restructuring program that was initiated in early 2009,” writes the company in a statement. Continue reading
Hotel developer Warimpex, listed on the Vienna and Warsaw stock exchanges, posted a 38 per cent increase in sales in the first quarter of 2010, pushing revenues to €20.4m.
The sales growth was primarily due to revenues from the new hotels that opened in Berlin and Łódź in 2009 and that had a very good start, but revenues at hotels in Poland, Germany and France also improved. However, it will be some time before Prague and Bucharest see a significant recovery.
“The hotel industry in Poland benefits from a high level of domestic demand, and over half of the guests at these hotels are from Poland. Thanks to this, the decline in international business on the Polish market did not have as significant an impact as was seen in the Czech Republic, for example,” said Warimpex’s CEO Franz Jurkowitsch.
The company notes that development financing has again become available at reasonable terms and will allow to move forward with the planned projects.
Orco’s first quarter losses fell to €15.6m from €54.8m in the first quarter of 2009. Revenues also fell more than €3m to €51.5m in the same period, while operational costs fell 12%. EBITDA rose 42% to €8m. The developer reports that €43m of project refinancing took place in the first quarter.