MLP Group posts net profit of PLN 113m in Q1

MLP Group reported a net profit of PLN 112.6m in the first quarter of 2020, a nine-fold increase y-o-y. Equity rose to PLN 1.05bn. This corresponds to gross investment property value, which grew 12 percent over the first three months of the year to PLN 2.14bn. MLP Group continues on its path of rapid growth, with its broad selection of warehouse space constantly expanding. The group’s strategic goal is to expand its operations in Poland and Germany as well as Austria and Romania. “The first quarter of this year was a very successful period for us. Despite global economic uncertainty over the coronavirus pandemic, we delivered a record financial performance. The current economic situation had no impact on our operations. We moved forward on our capex projects on schedule, we signed new lease contracts, and tenants paid all amounts due under the contracts in a timely manner,” said Radoslaw Krochta, president of the MLP Group management board. “We continue business as usual. It is worth mentioning that the contribution of European operations, particularly in Germany, to our revenue is bound to have more impact on the group’s overall performance. This could already be clearly seen in our first quarter results. We expect revenue and assets generated in Poland and Europe to balance out by 2023.”