Polnord had a net loss of PLN 66.39 million, an EBIT loss of PLN 43.03 million in 2020.

by   CIJ News iDesk III
2021-05-04   09:42

Polnord recorded PLN 66.39 million of consolidated net loss attributable to shareholders of the parent company in 2020, compared to a loss of PLN 121.55 million a year earlier, the company said in its finacial report.

The operating loss was PLN 43.03 million against PLN 98.9 million loss a year earlier.

Consolidated sales revenues reached PLN 271.74 million in 2020 compared to PLN 154.92 million a year earlier.

Revenues from the sale of apartments amounted to PLN 270 million. Revenues from the sale of goods amounted to PLN 1.65 million. The level of revenues from development activities was influenced by the transfer to clients of 689 premises in investments carried out by companies 100% subsidiaries of Polnord SA, the largest share of this was the Studio Morena investment - 368 units handed over.

"As at the publication date, the Polnord Group has a record low debt. In 2020, the company repaid bonds for a total of PLN 80.7 million and in 2021 for PLN 59.3 million. Nevertheless, the company has free funds for the implementation of new projects and an attractive bank In connection with the above, it seems that the company is now relatively well prepared for the period of market turmoil related to the Covid-19 pandemic and has strong foundations for development in the long term, "wrote the president. Michał Melaniuk in the letter attached to the report.

On a standalone basis, the net loss in 2020 amounted to PLN 56.25 million compared to PLN 131.1 million loss a year earlier.

Polnord operates on the construction and development market in Poland. It is 100% owned by the Cordia Group. In February 2021, the management board submitted an application to withdraw the shares from trading on the WSE, where Polnord has been present since 1999.

Source: Polnord and ISBnews