In comparison, the two largest shopping centers in Romania, Baneasa Shopping City and AFI Palace Cotroceni in Bucharest posted 28% and 17% profit margins last year.
The Iulius Malls in Timisoara and Cluj-Napoca saw an increase in both rent revenue and net profit. Whereas the mall in Timisoara posted more than RON84 million revenue in 2014, an increase of almost 4%, its profit nearly tripled to over RON22 million. With such results, the mall in Timisoara beat Sun Plaza, Promenada Mall and Bucharest Mall in Bucharest.
The Iulius Mall in Cluj Napoca posted 5% increase in revenue to almost RON56 million last year, while net profit rose 55% to RON19 million.
Iulius Group officials say the total revenue of Iulius Mall Cluj-Napoca was even higher, more than RON73 million, as the financial statement filed with the Finance Ministry did not include the 25% of the revenue that went to Univers T under a partnership contract.
Iulius Mall Iasi and Palas Iasi, too, saw their revenue up in 2014 and the only one that posted lower revenue was Iulius Mall Suceava, less than RON30 million or a 4% decline on 2013. On the other hand, the operator of this particular mall stepped into the black last year, posting RON2.2 million profit compared with RON4.9 million loss in 2013.
(English version by Loredana Fratila-Cristescu)