PHN with Q1 loss

WSE-listed, state-owned real estate developer Polski Holding Nieruchomości (PHN) had a PLN 2.4 million loss in Q1, down from PLN 8.2 million profit y/y. Revenues inched up to PLN 40.7 million (up by 0.2 percent y/y), while operating loss amounted to PLN 2.3 million compared to PLN 13.2 million profit the year before. At end-Q1, PHN had 141 pieces of real estate worth PLN 2.43 billion. PHN operates mostly on residential and office markets.