The Polish developer Rank Progress announced poor results for the first half of the year, with a consolidated net loss coming in at PLN 31.91m. Its operating loss for the period reached PLN 39.81m, reflecting a significant slump compared with the same period last year, when profits hit PLN 76.72m.
“There were several factors beyond our control which affected the recent results, such as appreciation of the Polish złoty, which has grown against euro by as much as 4 percent,” says Mariusz Kaczmarek, CFO of Rank Progress. “That affected the valuation of our assets, as well the rent revenues,” he adds. Consolidated revenues reached PLN 25.15m this year, reflecting a slight drop from PLN 33.4m, which it posted last year.
