The Hungarian real estate development company Graphisoft Park SE increased its profit in the first quarter with almost the same real estate portfolio, according to a statement published on the website of the Budapest Stock Exchange (BSE) on Tuesday.
The company's earnings before interest, tax, depreciation and amortization (EBITDA) increased year-on-year from EUR 3.566 million to EUR 3.69 million (almost HUF 1.4 billion), while pro forma profit after tax increased from EUR 1.335 million to EUR 1.409 million (more than HUF 530 million).
Rental income was EUR 3.82 million in the first quarter, compared to EUR 3.64 million in the first three months of last year.
The estimated value of the property portfolio at the end of the first quarter was slightly above EUR 241 million (around HUF 91.5 billion), almost the same as at the end of the previous year.
According to the report, the downturn in the office market has come to a halt, with a rise in the value of personal presence in the workplace. As a result, Graphisoft's office occupancy rate reached 97% again at the end of March. In response to tenant demand, preparations have started for the approval process for a new building of 4,000 square meters. A decision on the construction will be taken at a later stage, after weighing up the costs and risks.
The company also expects a high occupancy rate on an annual basis. Rental income could reach EUR 15 million (HUF 5.7 billion) and pro forma net profit could reach EUR 5.2 million (almost HUF 2 billion), an increase of 7% compared to 2021, they added.
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