LAMDA Development increased consolidated turnover by 12%, which grew to â¬83,749,000 compared to â¬74,473,000 for the corresponding period in 2003.
The consolidated revenue for the period amounted to â¬13,887,000 compared to â¬15,227,000 for the same period last year, marking a decrease of 9%.
The increase in depreciations by â¬2,072,000 and provisions by â¬1,569,000 (an increase of 68% and 5.373%, respectively), as well as reduction of revenues from financing activities by â¬1,399,000 (73% reduction) led to a loss of â¬980,000 for the group, compared to a profit of â¬4,650,000 in 2003.
It is important to note that during the current fiscal period, the real estate investment assets were adjusted to the fair market value in an amount of â¬26,178,000, with a corresponding increase of resources by 15%.
The results for the financial year 2004 were influenced by the fact that the period witnessed an intensification of the companyâs implementation of its large-scale investment programme, the completion of which is expected steadily in 2005.
Brief consolidated financial data 2004 (in â¬ â000)
Turnover: 83.749 (2003: 74.473)
Consolidated revenu: 13.887 (2003: 15.227)
Income before taxes: -980 (2003: 4.650)
LAMDA Development S.A.
The turnover of the parent company recorded an increase of 118% and the consolidated revenue an increase of 331%. The income before taxes â" influenced by the reduction of interest income (â¬2,725,000) resulting from the corresponding limitation of available liquid assets (as a result of the progression of the companyâs investment programme) and by the increase in management and operating expenses (â¬689,000 ) - resulted in losses of â¬585,000 compared to a profit of â¬2,865,000 in 2003 (120% reduction).