Warimpex with Busy Agenda in Poland

Austrias residential developer and hotel owner, Warimpex, will have a busy agenda in Poland, said Georg Foliran, CFO of the company facing Central and Eastern Europe.

Within a four-year timespan, the company is intent on selling two new hotels and is to build eight others. The developments will take place in Poznan, Wroclaw and Gdansk, markets which are yet to be tapped by the company.

"At the end of the year, we should have 15-18 hotels in our Polish portfolio," said Franz Jurkowitsch, Warimpex CEO.

At present, Warimpex owns nine buildings in Poland.

In the three months to March 31 this year, the company emerged into the black with net profit of EUR 0.1 million. During the same period a year ago, it had racked a EUR 0.8 million loss. In Q1, sales were up 69 per cent on the year to EUR 14.5 million.

Since January, the company went public in a double share placement on the Vienna and Warsaw stock exchanges.