Increase of the integrated profit by 103% for LAMDA Development S.A. for the nine-month period of 2002
Friday, October 4 2002
PRESS RELEASE
Increase of the integrated profit by 103% for LAMDA Development S.A. for the nine-month period of 2002
The integrated turnover of LAMDA Development for the 3rd Quarter (nine-month period) of 2002 amounted to 44,493 thousand, increasing by 63% as compared to the corresponding 3rd Quarter of 2001.
In the same period, the integrated profit before taxes of LAMDA Development Group, amounted to 2,989 thousand, increasing by 103% as compared to the 3rd Quarter of 2001.
Brief integrated financial data
| Nine-month period of 2002 | Nine-month period of 2001 | Variation | |
| Turnover (thousand ) | 44,493 | 27,342 | +63% |
| Profit before taxes (thousand ) | 2,989 | 1,469 | +103 % |
During the nine-month period of 2002 the company improved its profit before taxes as compared to the corresponding period of 2001, by 212%. The profit amounts to 2,477 thousand, mainly due to the high dividends earned by its affiliates and the sale of 39.9% of its participation in LΑΜDA PYLAIAS S.A.
The turnover and the results of the company as well as its other affiliates, develop satisfactorily and the administration estimates that the fiscal year will end according to the provisions of the budget.
More specifically, as the Managing Director of the company Mr. Lambros Anagnostopoulos stated: «The dynamic course of the company continues and this is reflected in the results of the 3rd Quarter (nine-month period) of 2002. The stable increase of the results, especially in a period when the Increase of the Share Capital of the company is under way, confirms our estimations and justifies our strategy. LAMDA Development implements a significant investment program of 700 million with a significant number of projects throughout the country and puts the base for further increase of the profitability in the future.»
The development of companies
LAMDA Development S.A.
LAMDA Development proceeds towards the completion of the increase of the share capital, and develops the major projects it has assumed making strategic alliance agreements with high profile companies, like in the case of the project in Pylaia of Salonica for which it now cooperates with the groups Sonae and Haragionis, that are very experienced in the development and management of shopping centers in Europe.
Dimiourgia S.A. (100% participation of LAMDA Development)
Dimiourgia S.A. has the greatest participation in the integrated result before taxes of the Group for the 3rd Quarter of 2002, and presents an increase by 205%, 5.204 thousand, as compared to the equivalent period of 2001 thus setting the start of returns in the real estate development and management sector.
EFG Eurobank Properties S.A. (29.9% participation of LAMDA Development)
EFG Eurobank Properties continues its positive course and participates in the formulation of the integrated result with 271 thousand, presenting an increase by 285% as compared to the equivalent period of 2001.
Swissport LAMDA Hellas S.A. (50% participation of LAMDA Development)
The turnover of Swissport LAMDA Hellas S.A. for the nine-moth period of 2002 amounts to 13,337 thousand having increased by 13% as compared to the equivalent period of 2001. It is though important that after the Α semester, the results of the company were stable and gradually returned to normality.
Ifaistos Hellas NAFPIGIA S.A. (75% participation of LAMDA Development)
In the service sector, the ship building and repairing unit Hephaestus Hellas Shipyards S.A. presents an increased turnover by 92%, 19,253 thousand, due to the significant new projects it has assumed. The participation of the company in the integrated result amounts to 618 thousand, having increased by 428% as compared to the corresponding period of 2001.
To the Editors:
For further information please contact CIVITAS,
Pandora Lykouri 6852400 (ext.203), 6835 403
Myrena Xatjivasiliou 6852400 (ext.215), 6837635
