Budimex has record first half results

opublikowano: 21-07-2008, 13:30

Warsaw (Puls Biznesu) – Budimex, one of the biggest construction groups in Poland, is getting better. Second quarter results will prove it, the CEO promises.

Budimex may have the best year ever.

“We have had the best six months in Budimex history. Profitability keeps growing, the margins are getting higher. The result is much better than simply the first quarter numbers doubled”, Marek Michalowski, Budimex CEO said.

In the first three months of the year, the company had PLN 15.4m (EUR 4.8m) of consolidated net income and PLN 653m of sales.

“The management has been working to improve profitability for some time already. These should be reflected in the upcoming second quarter results. Unprofitable contracts signed in the past have ended”, Adrian Kyrcz, DM IDMSA analyst commented.

As far as homebuilding business is concerned, the company revises its plans down. Budimex has land to build 8,000 flats.

“We will slow down the rate of homebuilding projects. We had planned to sell 1,500-2,000 flats annually. Now, we want to sell 600-1,000 flats in a year”, Mr. Michalowski explained.

Construction business will generate majority of profits.

“We focus on infrastructural projects. We hope to win at least one of two projects to build and operate highways. If we win both, they will be worth PLN 9-10bn”, the CEO added.

(PLN 1 = EUR 0.311)

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Podpis: MAG

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