The profit margin stood at a more than 30% and continued to increase, after having dropped from 38% to 24% in 2013. The net profit rose by 17% to RON71 million, according to Finance Ministry data.
Baneasa Developments gets its revenue from the rent retailers pay and in 2016 had its highest revenue in eight years, as well as its highest net profit ever.
These are the first 2016 results of a company that manages one of the biggest shopping centers in Bucharest published by the Finance Ministry.
Debt was down to RON390 million from RON423.5 million in 2015. Whereas the profit margin stood at less than 1% in 2009 and 2010, the shopping center’s first years in business, it increased afterwards.
Trade Registry data show Baneasa Developments’ owner is Spesso Trading Limited, a Cyprus-based company. Its indirect owners are Puiu Popoviciu and Radu Dimofte.
(English version by Loredana Fratila-Cristescu)