Lamda Development says op earnings up 6.7 pct in Jan-Sept

Lamda Development said its operating earnings of its three shopping malls grew 6.7 pct in the January-September period to 32 million euros compared with the same period last year, whileconsolidated EBITDA rose 11.7 pct to 26.7 million euros over the same period.

Turnover was up 4.8 pct in the nine-month period, while visitors rose 2.1 pct and average occupancy of the three malls approached 99 pct.

The Mall Athens reported an operating profit of 19.5 million euros, up 7.7 pct. Shop turnover was up 3.1 pct and visitors rose 2.2 pct in the nine-month period. Mediterranean Cosmos, in Thessaloniki, reported operating profits of 10.6 million euros, up 3.9 pct from 2015. Shop turnover rose 5.2 pct and visitors grew 1.4 pct. Golden Hall reported operating profits of 11.6 million euros, up 8.4 pct. Shop turnover grew 6.7 pct and visitors were up 3.6 pct.

Odysseas Athanasiou, chief executive of the company, commenting on the results said: “A constant improvement of the company’s financial results reflects a rising trend of shopping malls -and most importantly- consumers’ confidence.”