GTC 2017 profit inches down

WSE-listed real estate developer GTC had €156.3 million net profit in 2017, down by 1.2 percent y/y. Revenues amounted to €128.7 million, an 11.9 percent growth y/y. Net income from revaluation of assets increased to €149 million from €85 million in 2016. “The increase primarily reflects the profit from the revaluation of Galeria Północna after it was launched in September 2017, in combination with the increase in the value of assets generating revenues due to the increase in rent, average weighted lease period and/or NOI (mainly Galeria Jurajska, Center Point I and II, Duna Tower and FortyOne III,” the company explained. Profit on continued operations measured €41.9 million, up by 22 percent y/y. Operating profit amounted to €92.14 million compared to €87.35 million a year earlier. EBITDA result increased by 18 percent y/y and amounted to €78 million. “This year we will maintain the growth dynamics and expect to complete further investments and assume the purchase of further projects that will help us achieve record financial results, we have managed to purchase attractive land in the business centers in Budapest, Sofia, and Zagreb, which will allow further expansion of GTC. maintaining the economic growth at the current level in all six markets where we operate, as it has been for the last 2-3 years, which will allow us to increase our portfolio and ultimately double the EPRA NAV for the next 4-5 years "- said GTC CEO Thomas Kurzmann.