ECONOMY

Lambda Dev’t sees boost to H1 earnings

Real estate firm Lambda Development reported a strong boost to group pretax earnings in the first half to 44 million euros from 28.07 million in the same period of 2003, despite a 37 percent rise in depreciation costs year-on-year. Wholly owned subsidiary Lambda Estate Development and Lambda Prime Properties also posted rises in turnover and profitability. EFG Eurobank Properties – of which Lambda Development controls 29.9 percent – also increased its profits despite a fall in turnover. During the same period, Swissport Lambda Hellas limited its losses by 57 percent in comparison with the same period in 2003 while increasing turnover. Lambda Hellix, in which Lambda Development holds an 85 percent interest, also enhanced both turnover and earnings.