Eurobank Properties REIC announced that its Q1 2007 net profits have increased by 88% compared to those of 2006 year (5.42m Euro for Q1 2007 vs 2.88m Euro for Q1 2006).
Profits before tax amounted to 5.98m Euro for Q1 2007 compared to 3.11m Euro for Q1 2006, resulting in an increase of 92.1%. Income from rentals increased by 44.9%, and there was a significant increase in interest income from deposits (0.59m in Q1 2007 vs 0.26m in Q1 2006).
In addition, gains from sale of investment properties amounted to 1.07m Euro. In March 2007, The Company disposed of a property with a retail store in Ioannina. The Company signed a contract to dispose a real estate property, located on 28th October Street 15, Ioannina, (land 1,575.87 sq.m. with a retail ground floor of 384.88 sq.m. and mezzanine) to third parties, for the price of 2.36m Euro resulting in a gain of Euro 1,07 m Euro for the year 2007.
At the same time, negotiations for various projects related to the use of the remaining IPO proceeds continue. It is noted that the company''s investment strategy for future growth focuses on the acquisition of office, retail, logistics and industrial spaces in prime locations, taking into consideration the prevailing market conditions.