Graphisoft Park Profit Rises 29%
Image by graphisoftpark.com
The after-tax profit of Graphisoft Park, which owns and operates the eponymous business park in the north of Budapest, rose 29% year-on-year to EUR 5.573 million in Q1-Q3, according to an earnings report released on the website of the Budapest Stock Exchange.
Rental revenue rose 9% to EUR 12.639 mln. Graphisoft Park's occupancy rate stood at 97%. 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 dividends. Graphisoft Park bumped up guidance for rental revenue to EUR 16.9 mln and net profit to EUR 7.1 mln for the full year.
The estimated fair value of Graphisoft Park's real estate portfolio stood at EUR 227,884 billion at the end of September.
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