Graphisoft Park EBITDA grows 15% in first half

MNB

First-half net profit of Graphisoft Park, a listed company that owns and operates a business park in the north of the capital, climbed 26% year-on-year to over EUR 2.3 million, according to "pro forma" figures, an earnings report shows.

The earnings report notes that Graphisoft Park was registered as a regulated real estate investment company (SZIT), the local form of a real estate investment trust, effective from January 1, 2018, national news agency MTI reported.

Property rental revenue rose 11% to EUR 5.68 mln, while other revenue, from one-off engineering services provided, came to EUR 400,000, compared to zero in the base period.

Depreciation increased by 18% to EUR 2.56 mln due to new buildings completed in 2017-2018 and refurbishment in the core area. EBITDA rose 15% to nearly EUR 5.44 mln.

In its guidance for 2018, Graphisoft Park put net profit at EUR 4.0 mln, EUR 100,000 less than forecast in the Q1 report dated May 8, 2018, due to a combination of later than planned delivery of a new building, an increase in one-off revenue from engineering services, an increase in operating costs, and a change in the depreciation key.

The companyʼs 2018 rental revenue guidance is put at EUR 12 mln. Net profit is forecast to grow to EUR 4.5 mln and rental revenue to EUR 13.6 mln in 2019.

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