It’s been a while since Rank Progress was in the red, but the first quarter of the year has shown a loss of PLN 25.2m for the retail developer. “The temporary appreciation of the złoty, along with postponement of the Galeria Tęcza have resulted in the loss of PLN 25.2m Rank Progress reported in the first quarter of 2012,” the company says in an official statement. Though the fall is significant, with the PLN 34.6m in profits Rank Progress produced last year, the board expects the results improve in the near-term.
“The Q1 result was affected by złoty rising 6 percent against the Euro in the period, which has a direct impact on the property valuation, as well as on the rental income,” says Mariusz Kaczmarek, board member and the financial director of Rank Progress.
