In the first three quarters of 2018, net profit of Graphisoft Park, a listed company that owns and operates the eponymous business park in the north of the capital, climbed 23% year-on-year to EUR 3.7 million, according to "pro forma" figures in an earnings report released on the website of the Budapest Stock Exchange.
The report notes that the rise in profit partly resulted from the company obtaining status as a SZIT (the local form of a regulated real estate investment trust), which made it exempt from corporate income and local business tax. Graphisoft Park was registered as a SZIT effective from January 1, 2018.
Property rental revenue rose 18% to EUR 9.2 mln. Other revenue, from one-off engineering services, came to EUR 400,000, compared to zero in the base period.
Depreciation increased 27% to EUR 4.26 mln due to new buildings completed in 2017-2018 and refurbishment in the core area. EBITDA rose 23% to EUR 8.91 mln.
In its guidance for 2018, Graphisoft Park puts net profit at EUR 4.3 mln, EUR 300,000 more than forecast in the H1 report dated August 7. The companyʼs 2018 rental revenue is projected at EUR 12.3 mln, also raised by EUR 300,000.
Net profit for 2019 is forecast to grow to EUR 4.5 mln, unchanged from the August forecast, while the rental revenue forecast has been raised by EUR 300,000 to EUR 13.9 mln in 2019.