Graphisoft Park profit fell 10% in 2020

Office Market

Image by graphisoftpark.com

After-tax profit of Graphisoft Park, which owns and operates an eponymous business park in the north of Budapest, fell 10% to EUR 4.43 million in 2020, according to an earnings report released on the website of the Budapest Stock Exchange yesterday.

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 a dividend.

In addition to 90% of the profit, Graphisoft Park's board will propose to shareholders a payment of a EUR 6 mln top-up, bringing the total dividend on last year's earnings to EUR 10 mln.

Graphisoft Park added that its remaining cash balance ensures its further safe operation as well as financing for preparations for refurbishments requested by tenants and potential future developments. Graphisoft Park's rental revenue edged up 2% to EUR 14.539 mln in 2020.

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