Polnord quadruples profit

The firm's operating profit stood at zł.24.61 million, compared with zł.15.6-million a year ago. Polnord's revenues in the second quarter amounted to zł.91.03 million, compared with zł.17.68 million in Q2 2007.

"Despite short-term unfavorable market conditions, the Q2 data have strengthened Polnord's position as a growing Polish developer. Our quarterly and half-year results are dynamic. We had over zł.204 million in sales income in H1 2008 and compared to H1 2007 the sales were five times greater," the company said in a press release.

According to an independent source quoted by daily Puls Biznesu, Polnord is worth an estimated zł.860 million. However, Bartłomiej Kolubiński, the company's deputy chairman, claimed that Polnord's property in Warsaw's Wilanów district alone was worth zł.1 billion.

The firm is currently developing 15 projects. In Warsaw, its Ostoja Wilanów, Kryształ Wilanowa and Królewskie Przedmieście projects are already on sale. Polnord is also present in Szczecin, Tri-city, Olsztyn, Łódź and Wrocław. It has investments in Russia as well - office and residential projects are under way in both Novosibirsk and Saratov.