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GTC sees profits rise

Eurobuild CEE 20 March 2020
EUROPE GTC has recorded a EUR 73 mln profit before tax.
Rental income and service charges increased to EUR 170 mln from EUR 149 mln in 2018. Net gains from revaluations came to EUR 16 mln as compared to EUR 40 mln in 2018. The main properties to improve in value were Spiral, the Mall of Sofia, the Neptun Office Center, Duna Tower, GTC Metro and Galeria Jurajska, which resulted from renegotiated leases and higher rent. A number of assets under construction also rose in value following progress on their commercialization. These properties included Pillar, Advance Business Center II as well as Green Heart N3. These gains were partially offset by the devaluations of Galeria Północna and Ada Mall, which resulted from a fall in projected rental income.
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