CEE REGION Warimpex Finanz-Und Beteiligungs has reported a preliminary profit of EUR 41.5 mln for 2017, compared to EUR 22.9 mln in 2016.
This should be its highest profit reported since its IPO. The figures include the sale of a portfolio of eight hotels to Thai investor U City. As a result, hotel revenue declined by 47 pct from EUR 51.9 mln to EUR 27.5 mln whereas revenue from office properties increased by 54 pct from EUR 8.6 mln to EUR 13.2 mln. The company attributes this to the completion of the fully occupied Bykovskaya mixed-use building within the Airportcity St Petersburg development. Consolidated revenues feill from EUR 62.2 mln to EUR 42.4 mln. EBITDA was up by 57 per cent and EBIT by 116 pct.