LAMDA Development: Significant increase of 43% in consolidated turnover for first nine months of 2004
Friday, 26 November 2004
PRESS RELEASE
LAMDA Development: Significant increase of 43% in consolidated turnover for first nine months of 2004
LAMDA Development recorded an increase of 43% in the companys consolidated turnover for the nine-month period between January to September 2004, totalling 67,492,000 compared to 47,234,000 for the corresponding period during 2003.
The companys consolidated revenue for the same period also marked a rise of about 8%, at 15,744,000 compared to 14,642,000 for the corresponding period last year.
Consolidated income before taxes was limited to 1,933,000 against 2,275,000 for the same nine-month period during 2003, representing a reduction of approximately 15%, resulting mainly from the increased depreciations of approximately 54%.
Brief consolidated financial data
| (Amount in Euro 000) | 9-month period 2004 | 9-month period 2003 | Variation |
| Turnover | 67.492 | 47.234 | 42,89% |
| Consolidated revenue | 15.744 | 14.642 | 7,53% |
| Income before taxes | 1.933 | 2.275 | -15,03% |
LAMDA Development S.A.
The turnover of the parent company recorded an increase in the range of 174% whilst income before taxes showed losses of 317,000 compared to profits of 1,576,000. This was due to the impact from the reduction in share capital income from the corresponding restriction in available income (due to the development of the companys investment programme) as well as increased management operation costs.
The nine-month results were positive for most of the subsidiaries within the LAMDA Development group of companies. More specifically:
LAMDA Prime Properties S.A. (100% participation by LAMDA Development S.A.)
Income from the full leasing of the Cecil Office Building in Kefalari maintained the same levels as in 2003, whilst profits of 674,000 represented a 43% increase and thus, the company continues to contribute consistently to the strengthening of the groups financial results.
LAMDA Estate Development S.A. (100% participation by LAMDA Development S.A.)
The companys turnover was 11,083,000 in comparison to 14,337,000 for the corresponding period last year and thus, dropped 23%. This also limited net profits for the period to 1,495,000 compared to 3,672,000 (a 55% reduction), as last years results were boosted by the sale of real estate.
LAMDA Olympia Village S.A. (98.08% participation by LAMDA Development S.A.)
LAMDA Olympia Village, the company that developed the Olympic Games Media Village, which has been transformed into an innovative residential area with a 60,000 square metre park and a commercial and entertainment centre covering 60,000 square metres of GLA, presented a turnover of 4,214,000, sourced from the leasing income from the Media Village during the Olympic Games. For the same period, the companys net profits reached 533,000 compared to losses of 290,000 during the same period in 2003.
EFG Eurobank Properties S.A. (29.9% participation by LAMDA Development S.A.)
A significant increase of 22% was recorded in the companys turnover for the first nine months of 2004, reaching 15,290,000 in comparison to 12,494,000, with net profits of 4,279,000 compared to 1,100,000 during the corresponding period last year (an increase of 289%).
Swissport LAMDA Hellas S.A. (50% participation by LAMDA Development S.A.)
The company continued its upward trend during the first nine months of 2004, with an increase of about 20% in turnover, reaching 19,123,000, with income before profits totalling 490,000 compared to losses of .
