Grivalia Properties net profits 26.4 mln euros in 2016

Grivalia Properties said its net profits totaled 26.4 million euros in 2016, which pre-tax earnings -excluding provisions and write downs- totaled 45.5 million euros, up from 43.7 million in 2015.

The Group acknowledged a provision worth 1.5 million euros from Marinopoulos Group, covering liabilities related with the leasing of four commercial property assets. The group owns these assets for a period of more than 10 years.

Leasing revenue grew 6.0 pct to 61.3 million euros in 2016, from 57.6 million in 2015, while losses of a readjustment of investments on property assets (fair value) totaled 13.6 million euros from 19.8 million euros in 2015. Financial revenue doubled to 800,000 euros last year from 400,000 euros in 2015, while financial expenses grew 55 pct to 2.8 million euros, from 1.8 million. Property taxes rose 34 pct to 5.5 million euros in 2016, while tax expenses soared 227 pct to 4.9 million euros.

Cash flow was 62 million euros at the end of 2016, from 112 million a year earlier. The group’s net asset value was 862 million euros at the end of 2016, or 8.52 euros per share.