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Graphisoft Park posts Q1 profit after exchange-rate-related losses in base period

Graphisoft Park, a listed company that owns and operates a business park in the north of Budapest, had profit of €121,000 in the first quarter of 2010, compared to net losses of €730,000 in Q1 of 2009 as it had a moderate exchange rate gain instead of massive losses last year, the company revealed in its consolidated IFRS report published on Monday evening.

Graphisoft Park generated €22,000 in profit from exchange-rate differences in the first quarter of 2010, compared to losses of €1.04 million in Q1 of 2009, as the transfer of the company's cash reserves into euros caused a big one-off exchange rate loss last year. The move has significantly reduced the exposure of the Company’s results to exchange rate fluctuation, the report noted.

Graphisoft Park generated revenue of €1.84 million in the first quarter of 2010, up 15% from revenue of 1.59 billion in Q1 of 2009. The company, which had revenue of €1.73 million in the fourth quarter of last year, attributed the increase largely to additional turnover from Building Hz starting in April 2009 and a rise in occupancy in its other buildings to 94% in 2010 from 92% in 2009.

The company had EBIDTA of €1.63 million in the first quarter of 2010, up 11.5% from HUF 1.46 million in Q1 of 2009.

Operating profit of €749,000 in the first quarter of 2010 was down 11.9% from operating profit of €851,000 in Q1 of 2009 but up from operating profit of €559,000 in the fourth quarter of last year.

The company had total assets of €79.88 million on March 31, 2010, compared to total assets of €79.91 million on December 31, 2009. Net debt fell to €44.97 million from €45.66 million at the end of last year. (MTI-Econews)