The healthy performance of shopping centers in Greece has contributed toward the Lamda Development group’s swing to profits this year. The group has invested heavily in malls, while the transfer of 50 percent of The Mall Athens played a significant role in turning the losses of 22 million euros in January-September 2017 into profits of 26.6 million in the same period this year.
The Athens-listed company, which is also the contractor for the long-awaited development of the old Athens airport at Elliniko, yesterday reported 25.2 percent annual growth in earnings before interest, tax, depreciation and amortization (EBITDA). The firm’s management noted that operating profits would have increased even without the concession of the stake in The Mall Athens, to the tune of almost 2 percent.
In the year to end-September, stores’ total turnover grew 2.9 percent year-on-year and visitor numbers expanded 2.2 percent, as malls have proven to be more resistant to the economic crisis than most other retailers. Operating profits at The Mall Athens amounted to 20.7 million euros, up 4.1 percent from 2017. Store turnover augmented 1.6 percent and visitors increased by 2 percent.
Lamda reiterated that the approval of town planning studies and the issue of the casino license are necessary before work can begin at Elliniko.