Increased revenues for the first half of 2023 were announced by the malls Mall of Cyprus and Mall of Engomi, owned by Atterbury.
Based on their interim financial statements, the Latsia mall reduced its profitability and the Engomi mall marginally increased its losses.
Decrease profitability for Mall of Cyprus
< p data-block-key="52po7">In an announcement by the two companies to the CSE about the half-year results, it is emphasized that the revenues of the Mall of Cyprus for the first half of 2023 amounted to €10 million from €8.93 million in the corresponding period last year. At the same time, the company's operating profit in the January period – June 2023 was €6.3 million compared to €5.65 million in the same period of 2022.
Mall of Cyprus net profit after tax stood at €3.69 million compared to €4.87 million in the first half of 2022.
On June 30, 2023 the company's total assets amounted to €228,509,221 compared to €230,065,684 on December 31, 2022 and the new assets were €120,750,340 compared to €121,264,758 at the end of last year.
< p data-block-key="1512m">Damage increase for Mall of Engomi
Mall of Engomi revenue increased to 30 June 2023 to €1.95m compared to €1.80 million as of June 30, 2022.
The company's operating profit in the first half of 2023 amounted to €415,903 compared to €801,649 in the first half of 2022.
Mall of Engomi's after-tax losses are estimated for the first half of the year at €317,268 from €260,399 losses in the first half of last year.
On June 30, 2023 the company's total assets stood at €43,426,686 compared to €44,307,073 in December 2022 and the new net assets were €13,582,077 from €13,899,345 at the end of 2022.
source: In Business News
