On 31 October 2008, the Management Board of J.W. Construction Holding S.A. announced withdrawal of its financial forecasts for the year 2008 due to a radical change in the lending policies of banks.
The revised results forecast announced in August 2008 envisaged a sales revenue of PLN 819.9m and a net profit of PLN 150.6m for the entire year ending 31 December 2008.
The withdrawal of the financial forecast is due to factors beyond the Company’s control. The current banking market conditions, new borrower contribution requirements and no clear evidence to predict the banking sector's mortgage or investment lending approach make it impossible to clearly identify future market trends in the coming months.
The Company does not rule out the option of financing construction projects in progress with its own capital. Therefore, it will also be necessary to reschedule commencement dates of new investment projects. Revenue from such new projects was the basis for the Company’s past financial forecasts.
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J.W. Construction Holding S.A. is the largest Polish residential developer with a presence mainly in Warsaw but also in Łódź, Gdynia and internationally. The Company is the leader in the Warsaw residential market where it has been in development business since 1994. In addition to development projects, the Company provides construction services, being the chief contractor for the majority of its projects. J.W. Construction owns and operates the HOTEL 500 chain of five hotels: in Zegrze, Stryków, Tarnowo Podgórne, Cieszyn and Św. Lipka. On 4 June 2007, the Company was first listed on the Warsaw Stock Exchange.