LAMDA Development: Significant rise by 57% in consolidated turnover during 2nd Quarter of 2004
Wednesday, August 11, 2004
PRESS RELEASE
LAMDA Development: Significant rise by 57% in consolidated turnover during 2nd Quarter of 2004
LAMDA Development recorded a significant 57% rise in the companys consolidated turnover during the second quarter of 2004, amounting to 44,000,000 compared to 28,072,000 during the same fiscal period in 2003.
Consolidated gross income amounted to 9,118,000 with profits before taxes amounting to 750,000,000 an increase of 3.71% and 1.76% respectively.
It is worth noting that the financial results of the present fiscal year have incurred depreciations of 37% in comparison with the depreciations of the last fiscal year, which confirms the smooth progress of the investment programme that has been implemented by the LAMDA Development group of companies.
Brief consolidated financial data
| (Amount in 000) | 2nd Quarter 2004 | 2nd Quarter 2003 | Variation |
| Turnover | 44,000 | 28,072 | + 56.74% |
| Gross income | 9,118 | 8,792 | + 3.71% |
| Pre-tax profit | 750 | 737 | + 1.76% |
LAMDA Development S.A.
The pre-tax profit of the LAMDA Development parent company was restricted to 723,000 in comparison to 1.96 million during the same period in 2003. This financial result is mostly due to the revenue decrease caused by the respective decrease of the cash & bank deposit largely due to the development of the companys investment programme and, to a smaller degree, to an increase in administrative expenses.
In contrast, most of the subsidiaries of the LAMDA Development group of companies reported positive financial variations. More specifically:
LAMDA Estate Development S.A. (100% participation by LAMDA Development S.A.)
A marked increase was noted in comparison to the 2nd quarter of 2003, both in consolidated gross operating results and in the turnover, which increased 25% and 1%, respectively.
LAMDA Prime Properties S.A. (100% participation by LAMDA Development S.A.)
The income from the full leasing of the Cecil Office Building in Kefalari maintained the same levels as 2003, whereas profitability increased 22%, once again contributing to the strengthening of the companys financial results.
EFG Eurobank Properties S.A. (29,9% participation by LAMDA Development S.A.)
A significant rise of 62% was recorded in pre-tax profits during the second quarter of 2004, amounting to 2,746,000 despite the minor 2% decrease noted in turnover.
Swissport LAMDA Hellas S.A. (50% participation by LAMDA Development S.A.)
The company recorded improvements in its 2nd quarter financial results, with a 22% increase in turnover and a 57% restriction in its pre-tax losses, in comparison to the same period in 2003. This development is particularly important for the company, as it clearly shows that financial improvements were achieved despite the sensitive and challenging environment of the air transportation sector.
LAMDA Shipyards and Marine Services S.A. (75% participation by LAMDA Development S.A.)
A significant increase was reported in all of the companys financial results during the second quarter of the year, resulting in profits amounting to 1,004,000 against losses of 55,000 (an increase of 1.925%). Furthermore, the companys turnover amounted 19,269,000, which is an increase of 188%.