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Graphisoft Park H1 profit quadruples

Hungary’s Graphisoft Park, a company that owns and operates a business park in the north of Budapest, said in its H1 consolidated IFRS report that net profits quadrupled to €3.25 million from €812,000 in the same period a year earlier.

Graphisoft Park's revenue from property activities rose 23% to €3.18 million during the period. Operating costs rose at a slightly faster rate, climbing 29% to €1.34 million. Operating profit increased 23% to €1.55 million.

Excluding the big unrealized exchange rate gain of €3.1 million - which compared to an unrealized exchange rate loss of €10,000 in the same period a year earlier - Graphisoft Park booked a financial loss of €499,000, compared to a loss of €182,000 in H1 2007.

Without the €3.1 million unrealized exchange rate gain, Graphisoft Park's net profit would have inched down 5% to €777,000, the company said.

Graphisoft Park had total assets of €73.0 million on June 30, 2008, up 51% from twelve months earlier. Net assets increased 21% to €28.49 million. The company's stock of bank loans rose a sharp 82% to €40.47 million.

Graphisoft Park said it had converted some of its euro-denominated loans into forint loans because of the forint's recent strengthening.

Graphisoft Park said the occupancy rate at its 33,000-square-meter business park was 88% at the end of H1, but it expects the rate to increase to 91% by year-end. It sees the occupancy rate falling again to 75%-80% in H2 2009 as it adds another 12,000 square meters of space to the park. (MTI – Econews)