Warimpex earnings tumble

Real estate developer Warimpex fell deeply into the red last year, company bosses announced today (Weds).Franz Jurkowitsch, head of the Vienna-based firm that focuses on hotel development in Central and Eastern Europe (CEE), said it had lost 71.77 million Euros in 2009 compared to losses of 3.41 million Euros in the previous year.Jurkowitsch said that the last year had been dominated by a decease in value and declining turnover, especially in the five-star hotel category in Czech capital Prague.The Warimpex head announced that his plan was to get back into the black this year. He claimed the company had managed to begin to turn around in the third quarter of last year.