Net profit of Graphisoft Park, a listed company that owns and operates a business park in the north of the capital, fell in the second quarter of 2017, but first-half profit still rose 24% to EUR 1.686 million, an earnings report released on Tuesday shows, as cited by state news wire MTI.
Property rental revenue rose 11% to EUR 2.653 mln in Q2, while other income rose just 1% after a massive 56% rise in Q1. For H1, total revenue rose 7% to EUR 5.124 mln.
Operating expenses rose 31% to EUR 507,000 in Q2, and were up 28% at EUR 752,000 in H1, mostly on employee-related expenses.
EBITDA rose 7% in Q2 to EUR 2.221 mln, and was up 5% at EUR 4.573 mln for the full half.
Q2 net interest expenses were up 9% at EUR 218,000 after a 40% drop in Q1 as the company drew on loans taken out from Erste Bank Hungary and UniCredit Bank Hungary under the National Bank of Hungaryʼs low-cost Funding for Growth Scheme (FGS) to finance developments. H1 net interest expenses were down 19% at EUR 376,000.
Rentable office, laboratory and educational space remained at 58,000 square meters after rising 5,500 sqm in Q1.
Basic as well as diluted earnings per share were EUR 0.07 in Q2, the same as a year earlier. First-half EPS rose to EUR 0.17, up from EUR 0.13.
In its guidance for 2017, Graphisoft Park upped its estimates for full-year revenue and full-year net profit compared to the respective estimates in its Q1 report. It now puts 2017 revenue at EUR 10.5 mln, up EUR 1 mln from 2016, and net profit at EUR 3.7 mln, EUR 500,000 higher than last year.
Graphisoft Park said the fair value of its properties has increased by 10% compared to the end of the first quarter of 2017 to EUR 252 mln by the end of the second quarter of 2017, according to its own valuation. Based on this, the net asset value increased to EUR 198 mln, which translates to EUR 19.7 per share, the MTI report adds.