n Q1 2018, the MLP Group, a modern industrial property developer, generated PLN 27.7 million in revenues. That signifies 19.4% growth in comparison with the corresponding period of the previous year. The Group recorded a PLN 13.9 million operating profit in comparison with a loss of PLN 28.1 million in the year before. At the same time, it posted PLN 4.3 million of net profit, compared with net loss of PLN 15.9 million in the corresponding period last year.
A change in the valuation of investment property had a favorable impact on the result. During the first three months of the year, the value of the property rose by almost EUR 4 million, up to EUR 281.4 million at the end of March 2018. The change was caused mainly by the expenditures incurred for the construction of new parks. The increased value of properties was also affected by depreciation of the Polish currency by 4 grosz, which boosted the fair value of investment properties by PLN 10.9 million.
At the end of March 2018, MLP Group’s total assets amounted to PLN 1.41 billion. On the other hand, the amount of net assets (equity) was PLN 731 million and was 0.6% more than at the end of the previous year.
At the end of March this year, total space leased by MLP Group was 503.4 thousand square meters, which was 25% (101.2 thousand square meters) more than in the corresponding period last year. At the end of the first quarter of the year, 38.7 thousand square meters were in construction. The vacancy rate, which includes both existing space and space in construction, was at the very low level of 2%.
