First-quarter after-tax profit of Graphisoft Park, a listed company that owns and operates a business park in the north of Budapest, rose 10% year-on-year to EUR 1.31 million, state news agency MTI reported, citing an earnings report released late Wednesday.
Rental revenue climbed 23% to about EUR 3.51 mln. Operating costs were practically flat at EUR 292,000.
Graphisoft Park noted that the results are "pro forma," calculated using accounting policies before the company converted into the local form of a real estate investment trust (REIT).
Graphisoft Park confirmed earlier guidance for full-year after-tax profit of EUR 4.7 mln.
As a REIT, the company is required to pay shareholders 90% of profit as dividends.
The net asset value of Graphisoft Parkʼs property portfolio, at estimated fair value, stood at EUR 191.13 mln at the end of March. The total estimated fair value of the portfolio reached EUR 263.31 mln.