Polnord, the homebuilding company from Ryszard Krauze group, had PLN 32.88m (EUR 8.8m) of net income in the third quarter, or three times more than in the same period of last year. The results were generated by 15 projects in Poland and Russia. Because there are too few clients today, the company will launch new projects only when it sells 70-75 percent of the previous ones. In the third quarter, the company sold 168 flats, 73 percent of them in northern Poland.
The operating income amounted to PLN 38.88m in the third quarter against PLN 10.77m a year earlier. Consolidated sales rose to PLN 113.35m up from PLN 38.76m in 2007.
(PLN 1 = EUR 0.267)