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.
Latest News
The 12 Tourist Traps to Avoid in the Greek Islands
Visit less popular islands for cheaper prices and fewer crowds
German Min. Lemke: «Climate crisis poses immediate threat to our health; well-being»
Europe recorded more days of “extreme heat stress” (with the ‘feels like’ temperature exceeding 46 degrees Celsius) than ever before
OECD: Major Spike in FDIs in Greece over 2021-23 Period
The international organization calculates an average of 6.7 billion USD in Greece over the 2021-2023 period, up from 4.15 billion USD in 2017-2019
How TikTok Lost the War in Washington
Combination of coordinated efforts by its critics and missteps by the company led to the law forcing a sale or ban of the popular app
Greece in the Top European Destinations for Aussies in 2024
This year 16% of surveyed Australians are planning a trip to Greece
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations