GTC had a 4.6 million euros in net profit, 19.8 million euros in EBIT in Q3. 2023

GTC recorded 4.6 million euros of consolidated net profit attributed to shareholders of the parent company in Q3. 2023, compared to a profit of EUR 8.4 million a year earlier, the company said.

Operating profit was EUR 19.8 million compared to EUR 22.1 million a year earlier.

Consolidated rental revenues amounted to EUR 34.1 million in Q3. 2023, compared to 31 million euros a year earlier, and for real estate services - respectively: EUR 11.7 million compared to EUR 10.9 million.

In the first quarter 2023 the company had a consolidated net loss of EUR 7,4 million of the net loss attributed to the shareholders of the parent against a profit of EUR 48.3 million a year earlier. Consolidated rental revenues in the first-third quarter of this year amounted to EUR 99.5 million compared to EUR 94.5 million a year earlier, and for real estate services - respectively: 35.8 million euros compared to EUR 31.6 million, respectively.

The gross margin from the rental increased to 95 million euros over the period of 9 months 2023. (92 million euros a year earlier).

The operating funds (FFO I) amounted to 52 million euro over a period of 9 months of 2023. (54 million euro a year earlier), with an FFO per share of EUR 0.09; FFO adjusted for one-off administrative costs was 56 million euro, it was reported.

The EPRA NTA was 1 223 million euros as at 30 September 2023. (EUR 1,213 million as of 31 December 2022); NTA EPRA per share was EUR 2.13 (PLN 9.87).

The net LTV index was 47.3% (44.5% as of 31 December 2022)

“Our results reflect the current situation in the markets in which we operate. Rising interest rates have caused a decrease in the valuation of real estate, resulting in an increase in LTV and a decline in the EPRA NTA. Dividend payment, development activities and investment needs resulted in higher cash outflows than in previous quarters, but their level in the company remains at a satisfactory level. FFO was influenced by one-off administrative costs of EUR 4 million, but with these one-off FFO costs, it would be in an upward trend. Activity in the scope of leases remains at a high level and we are convinced that this trend will continue in the following quarters," commented the president of Gyula Nagy.

Currently, GTC actively manages the commercial real estate portfolio, which consists of 46 commercial buildings offering approx. 753 thousand m2 of office and retail space for rent in Poland, Hungary, Bucharest, Belgrade, Zagreb and Sofia. In addition, the Group implements 500,000 m2 of commercial space in the capitals of Central and Eastern Europe, of which more than 51,000 m2 are under construction, the company announced.

Source: GTC and ISBnews