GTC presents a summary of the first quarter of 2013

University Business Park in Łódź
University Business Park in Łódź
GTC has presented its financial results in the first quarter of 2013. The company's profit has risen to € 5 million.

First quarter 2013 was another busy quarter for the GCT. In addition to two projects in Warsaw, Galeria Wilanów and Galeria Białołęka, that keep us busy, we also put a lot of attention to the improvement of our retail properties in Bulgaria, Croatia and Romania. We also realized our assets disposal plan by selling the fifth building in Platinium Business Park which improved our cash position by €16m. We entered 2013 stronger and confident that we can further increase financial liquidity via the asset disposal program and decrease debt in order to meet our financial obligations and finance new properties development, including three new shopping malls (two in Warsaw and one in Belgrade) as well as planning an office building in Bucharest. – added Alain Ickovics, Chairman of the Supervisory Board of GTC S.A

The company's profit before taxation and property revaluations increased to € 5 million, in comparison with the loss of € 1 million incurred in the first quarter of 2012. However, rental and service revenues decreased, amounting to € 30 million, that is 2 million less than in the corresponding quarter of the previous year. The reason for it was the disposal of Platinium Business Park. GTC also suffered losses in revaluations of investment property and impairments of residential projects to the amount of € 25 million. Cash flow from operations after interest payment increased to € 5 million, from € 3 million in the first quarter of 2012.

Globe Trade Centre S.A. has also recorded cash, cash equivalents and deposits of € 230 million.

The company has signed new lease agreements on over 5 000 sqm, extended and expanded agreements on the office space of 4 400 sqm, and occupancy came to 91 per cent. For example, new tenants appeared in University Business Park in Łódź. Accenture company occupied 1 700 sqm, Mobica almost 1 200 sqm, Samsung Electronics Poland – 1 100 sqm, and PKP Informatyka almost 900 sqm of the office space. A new tenant of Korona Office Complex in Kraków became marketing and adevertising agency Event. Quite signicant was also the extension of the lease agreement in Korona by IBM and in Globis Wrocław building by Medicover.

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