Polaris to be liquidated
Thursday, August 11, 2005, 11:46
Polaris Rt, one Hungary?s top construction companies, could face closure following bankruptcy order issued recently in a court ruling, business daily Napi Gazdaság said. The once-flourishing constructor, which used to be part of the Betonút group, was the developer of several major projects including the Hársliget and Beregszász residential parks located in the 2nd and 11th districts and one of its residential blocks won a major industrial award in 2001. Falling a profitable 2003, Polaris fell on losses amounting to Ft 57.1 million after its revenues nearly halved from Ft 7.8 billion to 4.5 billion. The company has several subsidiaries including Polár-Húsz Kft, P.D.C. Kft, Aris 3000 Kft, L.B. 2000 Kft and Polaris Galéria Kft.