Echo Investment posted PLN 11.53 mln net profit, PLN 25.3 mln EBIT in Q1 2023

by   CIJ News iDesk III
2023-05-25   10:00

Echo Investment reported PLN 11.53 million in consolidated net profit attributable to shareholders of the parent company in Q1 2023, compared to PLN 51.44 million in profit a year earlier, the company said.

Operating profit amounted to PLN 25.3 million vs. PLN 108.47 million profit a year earlier.

Consolidated sales revenues reached PLN 210.09 million in Q1 2023 vs. PLN 283.64 million a year earlier.

"In the quarter, our net profit attributable to equity holders of the parent amounted to PLN 11.5 million, mainly as a result of the handover of nearly 300 apartments with a margin of 33% and the valuation of new Resi4Rent rental projects, for which demand remains strong. The value of our assets is close to PLN 6 billion, and the company maintains a high level of cash - at the end of March 2023 it was PLN 778 million, which creates comfortable conditions for future growth," said Echo Investment's vice president for finance Maciej Drozd.

By the end of March 2023. Echo-Archicom Group had sold 374 apartments and had 2,863 units under construction. In total, the companies are planning to launch another 2,500 this year. Resi4Rent, a platform with subscription apartments, is also growing, having strengthened its position as the PRS market leader in the first quarter of 2023. Resi4Rent currently has more than 3,300 units ready and fully leased, while more than 5,800 units are under construction or planned to be launched later this year, the company announced.

Libero shopping centers in Katowice and Galeria Młociny in Warsaw are operating at full capacity and strengthening their positions in local markets. The start of 2023 will see continued growth at both locations. Libero's turnover in the first quarter of 2023 was 27% higher than in the first quarter of 2022, while visitation was up 7% An equally good situation is observed in Warsaw's Galeria Młociny. Here, turnover increased by 25%, while visitation increased by 20%, the company announced.

On a standalone basis, net profit in Q1 2023 was PLN 55.2 million, compared to PLN 79 million profit a year earlier.

Source: Echo Investment and ISBnews