P.A. Nova puts back date of issue

2010-03-08

P.A. Nova managed to achieve improved financial results in 2009 and the company's board is equally confident about this year's performance. The company abandoned its earlier planned issue as the share price was too low.
The company's order book for this year includes contracts worth PLN 170m (€43.6m) and estimates made by the company's senior management indicate a profit margin of 10%. At the present time the company is building, among other things, a shopping mall in Przemysl. The deadline for completing the investment is October 2010 and P.A. Nova plans to sell the building, worth PLN 145m (€37m), in 2011. The company has investments worth over PLN 700 (€180m) scheduled for the 2010-2012 timeframe. In addition to retail projects it has completed for supermarket chains P.A. Nova now wants to lease commercial space built by it. The company expects to build four or five complexes for leasing every 12 months and is expecting each of them to yield roughly PLN 1m (€256,000) in revenues a year. The company is currently also leasing out stores in Andrychow and Raciborz.
Last year the company achieved revenues of PLN 157.6m (€40.4m) and a net profit of PLN 18.6m (€4.8m). This marks an improvement over 2008, when its results were PLN 143.8m (€36.9m) and PLN 15m (€3.8m), respectively.

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