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Positive result for Q1 2019

In the first quarter of 2019, revenues in the hotels segment fell to EUR 1.8 million, which means a decline of 24 per cent compared with the first quarter of 2018. This can be attributed primarily to the sale of the operating company for the Dvořák hotel in Karlovy Vary at the end of February. The company reported an increase in revenues from the rental of office properties; this figure rose by 7 per cent to EUR 4.1 million due to the purchase of the B52 office building in Budapest in May 2018 and the completion of the Ogrodowa office building in Łódź in October 2018. Total revenues fell by 6 per cent to EUR 6.3 million.

EBITDA saw a significant increase from EUR 1.3 million to EUR 7.6 million, primarily due to gains on property sales. EBIT also rose from EUR 1.2 million to EUR 7.5 million. The financial result (including earnings from joint ventures) improved from minus EUR 4.1 million to EUR 5.7 million. This includes changes in foreign exchange rates in the amount of EUR 6.4 million (Q1 2018: minus EUR 2.1 million). This resulted in a profit of EUR 11.8 million for the first quarter of 2019 (Q1 2018: loss of EUR 3.0 million).


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