Lamda Development’s total cash receipts from real estate sales in Ellinikon from the beginning of the project until late August amounted to 776 million, of which 297 million correspond to this year’s receipts.
The total portfolio value (GAV) of the project in Ellinikon amounted to 1.6 billion euros, reduced by approximately 45 million compared to 31.12.2023. The change is mainly attributed to the cost of property inventory sold (approximately 104 million euros) combined with an increase in capital expenditures (CAPEX) (excluding the realization of the provision for infrastructure projects) of approximately 60 million euros.
In the first half of the year, Lamda Group announced revenues of 246.430 million versus 136.255 million, losses before taxes of 9.270 million versus profits of 11.091 million and net losses of 18.235 million compared to profits of 18.184 million in the corresponding period last year.
Commenting on the financial results, the managing director of Lamda, Odysseas Athanasiou, stated: “All the business sectors of the Group continue their upward trajectory in the first half of 2024. We estimate that the total receipts from property sales in the Ellinikon project until the end of the year will exceed 900 million. The proceeds from the recent land sales are expected to further strengthen cash reserves and shield the Group’s balance sheet.
Alongside the rapid progress on residential developments, work continues on infrastructure projects such as the undergrounding of Poseidonos Avenue and The Ellinikon Sports Park, and we expect a further intensification of the pace of work on all fronts in the coming quarters.”
