Lamda Development reported record-breaking profits in 2019 as its shopping malls all posted a seventh straight year of higher EBITDA, with net profits reaching 49.9 million euros, up from 42.3 million euros in 2018. The latter result is mostly a reflection of improved assessments for Lamda's assets, which include The Mall Athens, Golden Hall και Mediterranean Cosmos.
ATHEX-listed Lamda Development is also the concessionaire for the iconic but delayed Helleniko privatization, in coastal southeast Athens, billed as one of the biggest property redevelopment projects in Europe.
EBITDA in 2019 reached 64.3 million euros, up by 8.6 percent from 2018 - 50.5 million euros excluding the Helleniko project.
The average vacancy rate for the company's three shopping malls neared zero, while it reported heightened interest by new leasers.
Conversely, office space contributed only 200,000 euros towards the group's operational profits in 2019.