Gant homebuilding company promises fast growth

10-07-2007, 14:29

Warsaw (Puls Biznesu) – The homebuilder confirms the forecast of PLN 83m (EUR 21.7m) of net income. It plans several acquisitions, including two this year.

Gant Development which issued new shares worth over PLN 170m in April, has already spent PLN 70m for new projects, and PLN 12m for existing homebuilding projects. The company has secured PLN 30m to buy two lots in Gdansk, northern Poland.
“We are going to build 6,000-7,000 flats annually and sell 4,000-4,500 flats. Warsaw, Krakow, Wroclaw and Gdansk are the basic markets. We have given up projects in Poznan because they were too dangerous. We will start projects in Lodz next year”, Henryk Feliks, Gant Development deputy CEO said.
 
The company plans acquisitions.
“Till the end of August, we are going to acquire a company with a lot in Wroclaw. At the end of July, we will start negotiations concerning Elektromontaz-Warszawa. We have submitted an offer but we are not in a hurry”, Henryk Feliks said.
Elektromontaz-Warszawa, today Stormm, would be acquired by Budopol-Wroclaw. Gant is a big shareholder in the latter. Gant eyes also a company from near Krakow. Budopol is also going to acquire the company this year.
 
Gant confirmed it will earn PLN 83m of net income this year. The forecast may be exceeded if the company sells a project providing for building 90 flats in Wroclaw.
(PLN 1 = EUR 0.262)

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