Lamda Development reports record H1 profits of 224.6mln€ after consolidation of Hellenikon S.A.

Lamda Development’s H1 2021 results, announced on Wednesday, show record profits of 224 million euros, mostly due to the boost from the consolidation of its fully owned subsidiary Hellenikon S.A.

A revaluation, by an independent valuer, in this case Savills, of part of the assets held by Hellenikon, improved the property developer’s results by 306 million euros.

Consolidated net result, after taxes and minority interest, reached 224.6 million euros, compared with a 5.7-million-euro loss in the corresponding period in 2020.

In terms of operational profitability, EBITDA reached 15.9 million euros, up by 4 percent compared to H1 2020.

EBITDA of the three shopping centers managed by Lamda – The Mall Athens, Golden Hall και Mediterranean Cosmos – reached 16.1 million euros, down 17 percent from the corresponding period of 2020 due to the suspension of operation for the greater part of the period because of pandemic restrictions.

The company’s net asset value (NAV) at the end of June 2021 totaled 1.392 billion euros, or 7.88 euros per share, an increase of 26 percent compared to the figure on Dec. 31, 2020.

Source: ot.gr