Grivalia Properties reports higher Q1 profits

Grivalia Properties said its net profits totaled 11.7 million euros in the first quarer of 2017, from 10.6 million in the same period last year, an increase of 10 pct. Net profits, excluding write downs, totaled 10.7 million euros, from 11.1 million in the same period in 2016.

Leasing revenue was 16 million euros in the January-March period, up 4.0 pct from last year, while financial revenue jumped 217 pct to 190,000 euros. Financial expenses amounted to 800,000 euros in the first three months of 2017, from 400,000 euros in 2016, boosted by the issuing of two common secured bond loans worth 60,000 euros. Tax spending was 1.8 million euros, up 350 pct from 2016.

Group cash reserves totaled 94 million euros in March 31, 2017, from 62 million in December 31, 2016, while borrowing was 127 million euros from 52 million over the same periods, respectively.