Expansion boosts Briq revenues but profits down

Expansion boosts Briq revenues but profits down

Real estate investment company Briq Properties has reported growing rental income for the first quarter of the year after expanding its portfolio but said that profit for the period fell.

Briq Properties, a subsidiary of IT group Quest, said that net profit fell to 213,000 euros versus 262,000 in the same period last year, without giving a reason for the drop.

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Rental income hit 493,000 euros up from 470,000 last year due to the acquisition of two new investment properties at the end of 2017, the company said in a statement.

Its portfolio at the end of March, comprised of 9 properties, including of 4 office buildings, 3 logistics buildings, one store and one mixed use building with a total leasable area of 34.681 square meters.