WOOD Flash - Lamda Developments: 4Q23 results - a significant step-up in Ellinikon revenues, revaluation gain on existing malls
Lamda released its 4Q23 results yesterday morning (18 April), and management held a conference call to discuss the results yesterday afternoon. The results were dominated by a rapid increase in the revenues recognised for Ellinikon, driven by good sales results in the initial projects, and construction progress. The malls and marinas continued to perform strongly, in line with the trends of previous quarters, and above the expectations we outlined in our June 2023 initiation. This was partly offset by fairly-high overhead and financing costs, which were well above our expectations. Lamda also booked a material positive revaluation gain in 2023 of EUR 97m, in total, of which EUR 95m is attributable to the existing malls.Lamda Development is a real estate development group based in Greece. Co.'s main activities comprise investment, development and maintenance of innovative real estate projects. Co. operates in Greece, as well as in other neighboring Balkan countries mainly Romania, Bulgaria, Serbia, Montenegro. Co.'s operations are organized along two business segments: Real Estate; and Marine Services. Co. is a subsidiary of Lamda Holdings.
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