Graphisoft Park expects profit jump by seven times by 2012

Graphisoft Park SE, the property manager spun off from the Hungarian software maker of the same name, plans to boost profit by seven times over the next six years as it adds new office space in Budapest. The company predicts net income of € 2.5 million ($3.2 million) by 2012 from € 359,000 this year as sales rise to € 7.5 million from € 3.2 million, Chairman Gábor Bojár said a press conference in Budapest yesterday. Graphisoft rents out offices to 31 companies including the local units of Microsoft Corp., Canon Inc. and SAP AG. The company plans to triple the amount of space from the current 16,900 square meters in the next two years, Bojár said. Graphisoft SE spun off the property unit to focus on its flagship architectural design software, ArchiCAD. The company's buildings, located along the Danube River and valued at € 24 million, are managed by the new company. Graphisoft Park expects to pay a dividend of 8 euro cents a share on next year's profit, which will probably rise to 25 cents a share by 2011, it said in yesterday's statement. The shares began trading on the Budapest Stock Exchange on Aug. 29 and have added 8.4% since their debut. They closed up 1.7% at 864 forint yesterday. (Bloomberg)