LAMDA Development Group of Companies: Increased operating profits before deprecation
PRESS RELEASE
LAMDA Development Group of Companies:
Increased operating profits before deprecation
LAMDA Development has undertaken the development and management of significant land, sea and air infrastructure investments. During the 1st quarter of 2003 the Companys operating profits before depreciation increased once again, although due to increased depreciation recorded, the net results before tax were down slightly during the 1st quarter of 2003 compared to the corresponding period in the previous year. The increase in operating profits is a positive development for the Group and highlights that it is continuing its positive performance.
LAMDA Developments consolidated turnover for the 1st quarter of 2003 stood at 12,916,000. During the same period, the LAMDA Development Groups consolidated profits before tax stood at 923,000 while operating profits reached 600,000, up from 123,000 for the corresponding period last year. Compared to the corresponding quarter in 2002 there was a drop of 8.6% and 14.7% in consolidated turnover and consolidated profits before tax respectively.
Performance of companies in the Group
LAMDA Estate Development S.A. (a 100% subsidiary of LAMDA Development S.A.)
The Company remained profitable with profits standing at 1,215,000. Moreover, there was a significant increase in turnover in the order of 15.2% compared to the corresponding quarter of 2002 .
LAMDA Prime Properties S.A. (a 100% subsidiary of LAMDA Development S.A.)
Megaro Cecil, which is an office building, has been fully rented and is generating a fixed monthly return, via the rental fees collected. The Company presented turnover up 138% compared to the corresponding quarter of 2002. A significant increase was also recorded in the profits before tax in the order of 204%.
EFG Eurobank Properties S.A. (a 29.9% subsidiary of LAMDA Development S.A.)
The Companys profits before tax for the 1st quarter of 2003 increased by 34% and its investment programme is continuing with success.
Swissport LAMDA Hellas S.A. (a 50% subsidiary of LAMDA Development S.A.)
There was a significant upturn in company figures for the 1st quarter of 2003, with a 28% increase in turnover, and a 43% increase in profits before tax compared to the corresponding quarter of 2002. This development is particularly important given that the competitive environment continues to be difficult and the air transport sector at international level is still attempting to reach stability.
LAMDA Shipyards and Marine Services S.A. (a 75% subsidiary of LAMDA Development S.A.)
The Company presented a drop in turnover by 61% and profits by 65% due to particularly intense activity in the marine transport sector at this time and to the delayed commencement of a Navy project, which will commence these days.
To editors:
For further information your contacts at CIVITAS are:
Pandora Lykouri 210 6852400 (ext. 203), 210 6835403
Alexandra Kardami 210 6852400 (ext. 243)
