The door producer expects crisis in the
second half of 2009. But it does not give up its investment plans amounting to
Porta Drzwi, a company from Baltis Investment, a group planning an IPO, does
not expect that the market will deteriorate in the first half of next year.
“Till the end of May 2007, we had a boom on the homebuilding market. The
investment cycle lasts 18 months. Many flats will be ready not earlier than in
May 2009. Problems will start in the second half of the year and they will last
till the middle of 2010”, Jacek Sarnowski, Porta Drzwi CEO said.
This year, Porta’s foreign sales have been dropping dramatically.
“I’m going to focus on winning the lost markets instead of looking for new
ones. I wanted exports to constitute 30 percent of sales. Now I know they will
amount to 10 percent”, Mr. Sarnowski added.
Next year, exports are supposed to amount to 20 percent of sales. The latter
should not be worse than in 2008.
“They will exceed PLN 390m. The net income will be slightly higher than last
year”, the CEO said.
In 2007, Porta had PLN 48m of net income and PLN 364m of sales.
In 2009, the company plans to modernize its plants. It has four facilities in
Poland and one in Romania. Its capacity amounts to 1m units annually. In May,
the company will launch production in a new unit in its Suwalki plant. It will
spend PLN 25m for investments next year. Initially, these funds were supposed to
be spend to build a plant in Ukraine. The transaction had failed. The CEO
explains that such investments have become too expensive while situation in
Ukraine has become too unstable.