Graphisoft Park earnings climb 9% in 2021
Image by graphisoftpark.com
After-tax profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 9% to EUR 4.839 million last year, the company said in an earnings report released after the closing bell on Tuesday, according to state news wire MTI.
Rental revenue edged up 1% to EUR 14.657 mln, while operating costs and net interest expenses fell.
The earnings are "pro forma" which show profit and loss according to the cost model and serve as the basis for Graphisoft Park's dividend. As the local form of a real estate investment trust (REIT), the company pays 90% of its pro forma earnings as dividend.
Graphisoft Park's occupancy rate rose to 96% at end-2021, while the average vacancy rate on the Budapest office market stagnated around 9%.
The fair value of Graphisoft Park's real estate portfolio stood at EUR 241.116 mln at the end of December.
Graphisoft Park targets rental revenue of EUR 15 mln and net profit of EUR 5.1 mln for 2022.
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.