LC Corp 2017 profit drops

WSE-listed developer holding LC Corp recorded PLN 80.24 million consolidated net profit in 2017 down from PLN 113.12 million profit a year earlier. Operating profit stood at PLN 89.27 million compared to PLN 203.76 million profit in 2016. Consolidated sales revenues reached PLN 706.19 million in 2017 vs. PLN 547.04 million a year earlier. “The main source of the group's revenue in 2017 was the sale of residential and service premises, which accounted for 79.7 percent of all revenues. The group's revenue from commercial real estate lease services accounted for 20.3 percent,” LC Corp said. Overall, in 2017, the company sold 2,029 flats and commercial premises, which was 3 percent lower than in 2016.