Paged is going to earn on developer’s activity
Producer of furniture – Paged, may change PLN 9m of a net loss at the end of this year into at least PLN 53m of net profit – “Parkiet” informs.
Such improvement may be possible as a result of a restructuring process, but first of all as a result of increasing of a fair value of company’s properties. Paged owns 30 hectares plots – of an estimated value of PLN 60m, while the value in company’s balance sheet is only PLN 8m. Part of company’s plots will be sold – one pre-sale contract was already signed, while negotiations connected with the second 2-hectares plot have still be conducted. Company’s CEO – Daniel Mzyk claims that Paged may engage in developer’s activity.
Details of these plans have not been announced yet. According to the company’s forecasts, the company is going to achieve PLN 418m of consolidated sales revenues, PLN 50,5 of gross profit translating into PLN 39.1m of a net profit. These figures are 7.6%, 31.7% and 10.5% higher than originally forecasted.