Graphisoft Park profit falls as revenue edges down following development

Telco

Graphisoft Park, a listed company that owns and operates a business park in the north of the capital, had after-tax profit of €788,000 in the first quarter, down 15% year-on-year due to a small drop in revenue and a financial loss, an earnings report released late yesterday shows, Hungarian news agency MTI reported.

Revenue edged down 1% to €2,395,000 because of turnover from buildings demolished after the base period. But 100% occupancy levels, which have been achieved, will likely offset the revenue drop during the year, Graphisoft Park said. 

The profit-and-loss statement shows a €32,000 loss on exchange rate differences, compared to a €151,000 gain in the base period.

The company confirmed its earlier guidance for net profit of €3.1 million on revenue of €9.5 million for 2016. Further growth in revenue and profit is expected after the completion of new developments at the business park in 2017, it added.

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