Mostostal Export sees little chance of construction sector revival in 2003

Mostostal Export, seeking a way out of the weakening domestic construction market, will build a zl. 40 million office building in Moscow. The company now says 44% of its 2003 revenues will be generated abroad. The contract follows 12 real estate contracts to be completed before the end of 2005. The client will be a consortium of investors and Moscow City Council. The project will be financed by several unnamed banks. Mostostal Export is also a contractor to build a sports and leisure hall in Belarus. According to Michal Skipitrow, Mostostal Export chairman, the Polish construction market is fairly unlikely to recover this year, therefore the company's priority will be to focus on foreign markets, mainly Russia, Germany and Benelux. Mostostal expects its 2003 export revenues to reach zl. 147 million. (Parkiet, Feb. 15-17, p. 4) J.K.