ATHEX-listed property developer and mall operator Lamda Development on Wednesday announced group EBITDA profits of 8.3 million euros for the first quarter of 2023, compared to 4.5 million euros during the corresponding period of 2022.
The company cited a significant increase in its shopping malls’ operating profitability.
Consolidated net results (after financial expenses, taxes and minority interest) reached 21.4 million euros, compared to losses of 7.7 million euros in Q1 2022. Net results in the first quarter of 2023 improved by 10 percent, or 2.4 million euros.
Revenue recognition from property sales at Lamda’s iconic Ellinikon project in Q1 2023 totaled 16.7 million euros.
Total cash proceeds from property sales/leases at the Ellinikon totaled 242 million euros, with the group total cash balance at 675 million euros.
Group investment portfolio value (GAV) also reached a new high: €3.17bn for Ellinikon: €2bln for the malls: €1bn.
