Marvipol Development recorded PLN 8.13 million of consolidated net profit in Q1 2021 compared to PLN 11.78 million profit a year earlier, the company said in a report.
The operating profit amounted to PLN 7.82 million versus PLN 4.43 million profit a year earlier.
Consolidated sales revenues reached PLN 50.69 million in Q1 2021 compared to PLN 40.14 million a year earlier.
In Q1 2021, the Marvipol Development Group recognized PLN 50.7 million in revenues, 26% more than in the previous year, generating PLN 7.8 million of operating profit (PLN 4.4 million profit a year earlier) and PLN 8.1 million PLN net profit (PLN 11.8 million in Q1 2020). In the completed period, the group did not put into use any residential investment, yet the group recorded an increase in revenues compared to the same period in 2020. Gross profitability on sales of the group amounted to 25% compared to 30.2% in the previous period. The lower net result is the effect of exchange rate volatility, which resulted in the recognition of significant positive exchange rate differences in Q1 2020.
On a standalone basis, the net profit in Q1 2021 amounted to PLN 2.89 million compared to PLN 3.09 million profit a year earlier.
Source: ISBnews and Marvipol
