PHN real estate with Q4 net loss

WSE-listed, state-owned real estate devoloper Polski Holding Nieruchomości (PHN) had a PLN 13.4 million loss in Q4, up from PLN 16.6 million loss y/y. For the 2016, net profit stood at PLN 30.8 million, down from PLN 49.1 million the year before. Revenues stood at PLN 175.4 million in 2016 (up from PLN 157.9 million y/y) and PLN 43.8 million in Q4 (down from PLN 44.5 million y/y). PHN operates mostly on residential and office markets. It will announce its new 2017-2023 strategy soon, after it will be approved by the company's management board, company's CEO Maciej Jankiewicz said.