Grivalia Q1 profit up 10% boosted by new investments

Greek real estate investment company Grivalia, controlled by Toronto based Fairfax Financial Holding Ltd, reported a 10% rise in net profit for the first quarter of the year, boosted by higher rental income from its new investments, the company said in a statement Monday.

Net profit rose to 11.7 million euros from 10.6 million euros in the same quarter last year. Rental income amounted to 16 million euros versus 15.4 million euros, mainly due to the incorporation of revenues deriving from 2016 investments as well as the recent investment of 2017, the company added.

Grivalia Properties, the real estate arm of Eurobank, has been rapidly expanding its portfolio in Greece and abroad. Earlier this year it bought into two new commercial property assets in Athens for a total of 18.5 million euros after acquiring a Panama island for development.

Fairfax Financial Holding owns 41.5% of the company, followed by a 20% stake held by Eurobank.

In mid session trade on the Athens bourse Tuesday, Grivalia's shares were up nearly 1% at 8.83 euros, giving it a market value of some 894 million euros.