LAMDA Development recorded an increase of 43% in the company’s 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 company’s 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%.
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 company’s 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 group’s financial results.
LAMDA Estate Development S.A. (100% participation by LAMDA Development S.A.)
The company’s 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 year’s 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 m² park and a commercial and entertainment centre covering 60,000 m² 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 company’s 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 company’s 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 € 491,000 during the corresponding period in 2003