NBG Pangaea REIC posted small increases in its group revenue and profits before tax for the three-month period ending March 31, according to a release from the company.

Revenue grew from $32 million in the first quarter of 2016 to $32.1 million in this year’s first quarter. Similarly, the group’s profits before tax were up by 2.1 percent, reaching $22.1 million compared to last year’s figure of $21.7 million over the same period.

The group’s net profits for the first quarter were down, falling 10.1 percent. NBG Pangaea attributes this decrease to the Greek tax framework, which recently introduced a minimum tax threshold of 0.75 percent annually, or 0.375 percent each semester. This rate was applied to the group’s investments plus cash, leading to taxes increasing from $447,860 for the first quarter of 2016 to $3.02 million for the first quarter of this year, an increase of nearly 600 percent. As a result, the company’s net profits sat at $19.1 million, a drop of nearly $2.23 million from the previous year.

NBG Pangaea’s net asset value hit $1.3 billion at the end of March, amounting to $5.31 per share, with both figures increasing from 2016. Its real estate portfolio comprises 317 commercial properties in Greece, as well as 14 properties in Italy and two in Romania.