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Graphisoft Park earnings rise 5% in Q1

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Image by graphisoftpark.com

First-quarter net profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 5% year-on-year to EUR 1,410,000, the company said in an earnings report released after the closing bell on Tuesday, according to a report by state news wire MTI.

Rental revenue also rose 5% to EUR 3,820,000, while operating costs 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 97% at end of Q1.

The fair value of Graphisoft Park's real estate portfolio stood at EUR 241,243,000 at the end of March.

Graphisoft Park targets rental revenue of EUR 15 mln and net profit of EUR 5.2 mln for 2022.

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