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COMPANY NEWS

Lamda Development NAV Higher by 11% in Q3

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Lamda Development net profit after tax and minority interest reached 30,6 mil. euro during the nine moths of 2008, representing an increase of 27.5% compared to 24 mil. euro in the respective last year’s period. 

Net asset value before taxes (NAV) increased by 11% and reached 463 mil. euro compared to 418 mil. euro in the third quarter 2007.

Recurring EBITDA increased by 42% from 15,3 mil. euro to 21,7 mil. euro, mainly because of the improved operational performance of the two

Commercial and Leisure Centers and the remarkable turnaround in Flisvos Marina profitability.

More precisely, during the first nine months of 2008 “The Mall Athens” had a 8,4% increase in revenues, 7,9 million visitors and shopkeepers’ turnover increase of 6,7%.

The respective figures for Mediterranean Cosmos display a 14,9% increase in revenues, 6,1 million visitors and shopkeepers’ turnover increase of 12,8%.

Regarding Flisvos Marina, 250 docking spots as well as the 3,000 sq.m. GLA of commercial and leisure activities are fully leased and visitor traffic is very satisfactory. Revenues in the first nine months of 2008 reached €8,5 million compared to €6,1 million in the first nine months of 2007. 
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