LAMDA Development: Impressive 64.19% increase in consolidated turnover during 1st Quarter of 2004
Tuesday, 11 May 2004
PRESS RELEASE
LAMDA Development: Impressive 64.19% increase in consolidated turnover during 1st Quarter of 2004
LAMDA Development has marked an impressive 64% increase in its consolidated turnover during the first quarter of 2004, amounting to 21,207,000 compared to 12,916,000 during the same fiscal period in 2003.
The company also achieved a remarkable 46% increase in its consolidated gross income, which came to 6,449,000 compared to 4,410,000 in comparison with the same fiscal period last year.
In parallel, there has been a significant rise of 26% in LAMDA Developments consolidated pre-tax profit, which totalled 1,163,000, against 923,000 during the first quarter of 2003.
Brief consolidated financial data
| (Amount in ,000) | 1st Quarter 2004 | 1st Quarter 2003 | Variation |
| Turnover | 21.207 | 12.916 | + 64,19% |
| Gross income | 6.449 | 4.410 | + 46,24% |
| Pre-tax profit | 1.163 | 923 | + 26,00% |
LAMDA Development group of companies
The majority of the financial variables were particularly positive for most of the subsidiaries of the LAMDA Development group of companies during the first quarter of the year, marking an especially dynamic start to 2004. In particular:
LAMDA Estate Development A.E. (100% participation by LAMDA Development A.E.)
A marked increase was noted in comparison with the first quarter of 2003, both in the companys turnover and in its consolidated gross income, which showed increases of 13% and 8%, respectively.
LAMDA Prime Properties A.E. (100% participation by LAMDA Development A.E.)
The income from the full leasing of the Cecil Office Building in Kefalari which now houses an office complex, after restoration work was completed in 2002 - maintained the same levels as 2003, once again continuing to strengthen the companys financial result.
EFG Eurobank Properties A.Ε. (29,9% participation by LAMDA Development A.E.)
An important rise in pre-tax profits was noted during the first quarter of 2004, amounting to 1,046,000, whilst the companys turnover saw a 19% increase during the same period.
Swissport LAMDA Hellas A.Ε. (50% participation by LAMDA Development A.E.)
The company continued its upward trend, with further improvement in its financial results, during the first quarter of 2004. There was a 26% increase in turnover and a significant reduction of 41% in its pre-tax losses, in comparison with the same period in 2003. This development is particularly important for the company, as it clearly shows that financial improvements were achieved despite the sensitive and challenging environment of the air transportation sector.
LAMDA Shipyards and Marine Services A.E. (75% participation by LAMDA Development A.E.)
A spectacular rise was witnessed across the board of the companys financial results in the first quarter of the year, resulting in profits amounting to 377,000 against losses of 311,000 (an increase of 221%). In particular, the companys turnover amounted 8,961,000 - an increase of 245% - whilst consolidated gross income rose by 152% in relation to the same period in 2003.
LAMDA Hellix A.E. (85% participation by LAMDA Development A.E.)
The company specialises in the development and operations of specialised Mission Critical Facilities, as well as the provision of a broad range of outsourcing.