BUSINESS

Lamda Development’s malls
 post further profit increase

TAGS: Retail, Business, Property

The shopping centers of Lamda Development – The Mall Athens, Golden Hall and Mediterranean Cosmos – have shown an increase in their operating profits for the seventh year in a row, Lamda announced on Tuesday.

Their 2019 earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 64.3 million euros, up 8.6 percent from 2018.

The total EBITDA of the Lamda group before the valuations and costs of the Elliniko project amounted to 50.5 million euros, up 7.9 percent on the year before.

The average turnover of stores at the malls and the total rate of visitors rose 2.5 percent and 0.2 percent respectively.

Lamda also announced that the average occupancy rate has steadily been at almost 100 percent, while there continues to be strong interest on the part of new tenants.

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