Rank Progress Group reported earnings results for the first quarter of 2014. For the period, the company recorded nearly PLN 15 million revenue from sales of products and services. This means 46.4% growth compared to the first quarter of 2013, when the company had PLN 10.2 million turnover.

Such a large revenue growth is mainly the result of higher income from rents in facilities belonging to the company. The first quarter of 2014 ended for Rank Progress with operating profit on the level of PLN 2.3 million. The net result amounted to PLN ­5.7 million.

The main factor that contributed to such a result was the revaluation of the existing investment properties to fair value, as well as higher financial costs. The positive trend is visible in the cash flow statement, which largely reflects the financial condition of the property developers. In the last quarter the company generated PLN 5.35 million from operating cash flows.

The net result amounted to PLN 4.9 million.