LAMDA Development marked an increase of 5.23% in its consolidated turnover during the first quarter of 2005, amounting to 17,190,000 compared to 16,336,000 during the same period in 2004.
It should be noted that the company's investment programme is now at its peak and that the opening of two commercial and entertainment centres, in Maroussi and Pylea, Thessaloniki, toward the end of the year is expected to contribute positively to the group's results.
The consolidated revenue for the period amounted to 1,202,000, compared to 5,426,000 the same period last year, representing a drop of 78%.
The consolidated results of the company after taxes recorded a loss of 5,252,000, compared to losses of 240,000 in 2004. The basic reasons for this deterioration of the results are:
- Losses to the tune of 2,800,000 that were sustained by the company from the development of the Flisvos Marina, which as is known is not fully operational due to the temporary suspension of the investment programme's construction work for its completion by the Council of State.
- An increase of 1,120,000 in expenditures, related to the intensification of commercial leasing efforts for the two commercial and entertainment centres in Maroussi and Pylea, Thessaloniki.
- An increase in tax payments due to various tax audits related to the previous year's operating expenses of the company, LAMDA Estate Development, as well as an increase in the forecast for postponed taxable income coming to a total of 1,376,000.
Source: LAMDA Development