Graphisoft Park H1 profit quadruples

Sights

Hungary’s Graphisoft Park, a company that owns and operates a business park in the north of Budapest, said in its H1 consolidated IFRS report that net profits quadrupled to €3.25 million from €812,000 in the same period a year earlier.

Graphisoft Park's revenue from property activities rose 23% to €3.18 million during the period. Operating costs rose at a slightly faster rate, climbing 29% to €1.34 million. Operating profit increased 23% to €1.55 million.

Excluding the big unrealized exchange rate gain of €3.1 million - which compared to an unrealized exchange rate loss of €10,000 in the same period a year earlier - Graphisoft Park booked a financial loss of €499,000, compared to a loss of €182,000 in H1 2007.

Without the €3.1 million unrealized exchange rate gain, Graphisoft Park's net profit would have inched down 5% to €777,000, the company said.

Graphisoft Park had total assets of €73.0 million on June 30, 2008, up 51% from twelve months earlier. Net assets increased 21% to €28.49 million. The company's stock of bank loans rose a sharp 82% to €40.47 million.

Graphisoft Park said it had converted some of its euro-denominated loans into forint loans because of the forint's recent strengthening.

Graphisoft Park said the occupancy rate at its 33,000-square-meter business park was 88% at the end of H1, but it expects the rate to increase to 91% by year-end. It sees the occupancy rate falling again to 75%-80% in H2 2009 as it adds another 12,000 square meters of space to the park. (MTI – Econews)

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.