With revenues of €1,597,000, real estate developer Graphisoft Park closed the first quarter with an operating profit of €851,000, which corresponds to expectations, the company said in its quarterly report.
Net financial expense of the first quarter amounted to €1,455,000 from net interest expenses of €411,000, consisting of the interest expense on bank loans, amounting to €712,000, decreased by interest income of €301,000, stemming primarily from HUF cash reserves.
For 2009, Graphisoft Park said it continues to project rental revenues of €7.2 million. However, no significant rise in net profits – calculated without exchange rate differences - is expected. From 2009, with the change of the functional currency of Graphisoft Park from forints to euros, no exchange rate difference arises on euro loans, but the company continues to be exposed to exchange rate differences arising on forint-based financial assets and liabilities.
Given the current volatile exchange rate, it is not possible to provide reliable forecast on financial profit and net profit for the year at present, the report said. (press release)