Lamda Development says net profits up 13.5 pct in Jan-Sept 2019

Turnover of the company's shopping centers rose 2.5 pct compared with the same period in 2018, with average occupance reaching 99 pct. Net Loan to Value ratio was 38.1 pct, while the company's share price was 8.23 euros at the closing of December 31, 2019, up 53.4 pct from a year earlier.

Lamda Development on Friday reported a 13.5 pct increase in its net results in the January-September 2019 period, compared with the same period in 2018.

More specifically, consolidated EBITDA -pre evaluation of commercial real estate and expenses on the Hellinikon project- totaled 40.9 million euros in the nine-month period, up 12.7 pct from 2018, while consolidated net profits totaled 30.2 million euros, up 13.5 pct from 2018. Net asset value rose 9.2 pct to 479.2 million.

Turnover of the company's shopping centers rose 2.5 pct compared with the same period in 2018, with average occupance reaching 99 pct. Net Loan to Value ratio was 38.1 pct, while the company's share price was 8.23 euros at the closing of December 31, 2019, up 53.4 pct from a year earlier. This was a very spectacular increase given the fact that the company completed a share capital increase plan worth 650 million euros in December at an offering price of 6.70 euros per share. This was the largest share capital increase by a non-financial company in the last decade in Greece and attracted both domestic and international investors, such as EBRD which acquired an 1.8 pct of the company's equity capital. Following the capital boost the company's capitalization and net asset value exceeded 1.0 billion euros.

In an announcement, Lamda Development said it will be ready to begin implementing the largest investment project in modern Greece, the Hellinikon project, following completion of a series of pending issues.

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