Warimpex's strong H1

Luxury hotel and office-space developer Warimpex Finanz- and Beteiligungs AG of Austria saw its EBIT for H1 2008 grow by 76 percent to €15.8 (zł.52) million in comparison to €8.9 (zł.29.5) million in H1 2007, thanks to higher gains on property sales. Revenues rose by 25 percent to €44.3 (zł.146) million

Warimpex sold a villa in Karlovy Vary, Czech Republic, and the revenues from this transaction were more than twice the fair value calculated by CB Richard Ellis.

In January 2008 Warimpex acquired the remaining 50 percent interest in the Andel's hotel in Kraków. The company opened three Angelo hotels - in Munich (developed in cooperation with UBM), Prague and Bucharest. As of June 30, 2008 firm's real estate portfolio consisted of 17 hotels and seven office buildings.

Warimpex management underscored that the operating result was more than satisfactory, despite plunging real estate stock prices.