Grivalia Properties, an Athens-based real estate company,
recently announced growth in its profits based on final figures from 2016,
which showed the company’s net profits hit $28.19 million.
In addition to releasing its net profit figures for 2016,
the company also tallied adjusted profits, measuring its earnings before tax,
without fair value adjustments and provisioned for doubtful debt and negative
goodwill stemming from joint ventures. That figure rose to $48.6 million, a
nearly $2 million increase from 2015’s $46.6 million.
The company’s release also included a provision for doubtful
debt from Marinopoulos S.A. General Trade and Marinopoulos Brothers Holdings.
The beleaguered supermarket retailer owes Grivalia Properties an estimated $1.6 million for the operating leases on four of Grivalia’s commercial properties.
