Poland’s biggest housing developer Dom Development failed to improve its performance in the first quarter of the year, posting a lower-than-expected net profit for the period. The developer reported a net profit of more than PLN 9.2m for the first three months of the year, a substantial drop from PLN 26.3m posted in the same period last year. The operating profit for the Warsaw Stock Exchange-listed developer also slipped by 73 percent in the first quarter to just PLN 8.9m.
At the same time, the company’s sales expanded by 18 percent in the first quarter of the year, with 400 flats sold. Dom Development handed over 516 units during the first three months of 2014. The company said the availability of financing, including access to mortgages and WSE funding, will be crucial to how well it performs the rest of the year.
