Dom Development, Poland’s second largest homebuilding company (J.W. Construction is the leader), had PLN 65.4m (17.9m) of net income in the third quarter, or 95.2 percent more than in the same period of last year. Sales amounted to PLN 272.7m, which was a 57.4 percent increase.
“Results are impressive. They substantially exceeded market expectations. We assumed the company would have PLN 235m of sales and PLN 47m of net income”, Wlodzimierz Giller, Deutsche Bank analyst commented.
“The results show there is a stabile growth trend. This is the effect of consequent strategy aimed at increasing the scale of the company”, Leszek Piotr Nalecz, Dom Development deputy CEO believed.
In the first nine months of the year, Dom Development had PLN 157.5m of net income (72.3 percent increase) and PLN 674.6m of sales (29.2 percent more than in 2006).
The company promises acquisitions next year but refuses to give any details.
(PLN 1 = EUR 0.274)