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Graphisoft Park books breaks into black in Q3 as revenue climbs, costs fall

Graphisoft Park, which owns and operates a business park in the north of Budapest, booked a €25,000 after-tax profit in Q3, compared to a loss of more than €100,000 in the same period a year earlier as revenue rose and costs fell, the company's consolidated IFRS report shows.

Graphisoft Park's revenue climbed 6% to €1,873,000. Costs were down 6% at €1,208,000, lifting operating profit more than 30% to €697,000.

Financial costs of HUF 555 million bit into the bottom line.

Graphisoft Park reported after-tax profit of €86,000 for Q1-Q3 compared to a loss of €651,000 in the same period a year earlier. Revenue was up 8.3% at €5,531,000, but costs climbed at a faster clip, rising 11.3% to €3,523,000. Operating profit rose 3.4% to €2,083,000.

The company booked a €1,752,000 financial loss during the period, less than the €2,207,000 loss in Q1-Q3 2009.

Occupancy rate at the park rose to 80% from 77% at the end of June mainly because of additions developed for existing tenants, Graphisoft Park said. Investments at the park came to €920,000 in Q1-Q3.

Graphisoft Park had total assets of €77,591,000 on September 30, 2010, down 3% from twelve months earlier. Net assets were down 5.3% at €21,865,000. (MTI – Econews)