Globe Trade Center (GTC) posted EUR 25.49 million of consolidated net profit in Q2 2022 vs. EUR 12.79mn profit a year earlier, the company said in the report.
Gross profit on sales was EUR 31.33mn vs. EUR 31.36mn profit a year earlier.
Consolidated operating income amounted to EUR 42.51mn in Q2 2022 compared with EUR 41.62mn a year earlier.
In the first half of In 2022, the company had EUR 40.71 million of consolidated net profit compared to 21.5 million euros in profit a year earlier, with operating income of EUR 84.28 million compared to EUR 78.85 million a year earlier.
In the first half of In 2022, GTC recorded an increase in the gross margin on rental to EUR 62 million from EUR 59 million a year earlier and an increase in adjusted EBITDA to EUR 53 million in the first half of 2022 from EUR 52 million in the first half of 2021.
“The results for the first half of 2022 are very good. The best results are in the retail sector – we are seeing a significant improvement in both the previous quarter and the operating results for 2019. We see strong growth in revenues, but also – more importantly – in We have a very strong balance sheet and cash position Net debt remains virtually unchanged, LTV is at 42% and cost of debt remains at a record low of 2.16% We are very pleased with our results and we are optimistic about new investments and opportunities for development,” commented GTC’s financial director and board member Ariel Ferstman.
Gain on the revaluation of investment properties amounted to in the first half of br. EUR 16 million against a loss of EUR 1 million in the first half of 2021.
The gain from the revaluation of investment properties is driven mainly by the progress in the rental and construction of GTC X (investment under construction in Belgrade, Serbia), the completion of the construction of Pillar (in Budapest, Hungary) and the planned sale of properties for sale in Croatia, announced the company.
EPRA NTA was EUR 1,326 million as of June 30, 2022, with EPRA NTA per share of EUR 2.31 (PLN 10.81), the company also announced.
Source: GTC and ISBnews
