Lamda Development’s total cash receipts from the sale of real estate in Ellinikon since the start of the project until the end of August amounted to 776 million, of which 297 million corresponds to this year’s revenues.
The total portfolio value (GAV) of the Ellinikon project amounted to EUR 1.6 billion, down by approximately EUR 45 million compared to 31.12.2023. The change is mainly attributable to the cost of real estate inventories sold (approximately EUR 104 million) combined with an increase in capital expenditure (CAPEX) (excluding the realization of the provision for infrastructure projects) of approximately EUR 60 million.
In the first half of the year, Lamda Group announced revenues of 246,430 million versus 136,255 million, pre-tax losses 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, Lamda CEO Odysseas Athanasiou said: “All business sectors of the Group continue their upward trajectory in the first half of 2024. We estimate that total property sales revenues in the Ellinikon project by the end of the year will exceed €900 million. Proceeds from recent land sales are expected to further strengthen the Group’s cash reserves and protect the Group’s balance sheet.
Alongside the rapid progress on residential developments, work continues on infrastructure projects such as the Poseidonos Avenue underground and the Ellinikon Sports Park, and we expect the pace of work to pick up further on all fronts in the coming quarters.”