The GTC Group made a profit of EUR 43 million in 2021 amid EBITDA growth adjusted to EUR 113 million, compared to EUR 105 million in 2020.
The results of the Group, which owns City Gate, Cascade Office Building, Premium Point and Premium Plaza in Bucharest in Romania, are due to strong operational performance, combined with a lower revaluation / impairment loss of assets of EUR 130 million, partially offset by an increase in financial costs of EUR 8 million and the recognition of tax expenditure of EUR 14 million.
“2021 has been an extremely important year for the GTC. It was one of the most dynamic years in the Group’s history. We traded assets on a large scale, transferring our portfolio to countries with better shares, developing new assets, renting both commercial and office space, issuing Eurobonds and raising capital. And all this still in the environment affected by Covid-19. In addition, we achieved very good financial results, with FFOs reaching EUR 74 million and EPRA NTAs rising to EUR 1.3 billion. We have started new investments and purchased land to ensure further dynamic growth of the company,” said Zoltán Fekete, Chairman of the Board of GTC.
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