Lithuanian property bank's EBITDA grows 6.5% in first half

Turto bankas, Lithuania's state-owned property management company, achieved a 6.5% rise in earnings before interest, taxes, depreciation, and amortization (EBITDA) during the first half of the year. Revenues climbed 7.8% to 19.3 million euros, up from 17.8 million euros in the same period last year.

The company saw a notable increase in income from public property auctions. Selling 297 assets, Turto bankas generated 14.9 million euros, a 3.6 million euro increase compared to the previous year. The proportion of successful auctions remained stable at 53%.

"The first half-year results show that consistent investments in state real estate are yielding tangible results – we have renovated more buildings, are reducing their energy consumption, and are creating higher quality working conditions for state institutions," said Gintaras Makšimas, CEO of Turto bankas. The company also reported a significant uptick in rental agreements, with 122 new centralized and commercial lease deals signed in the first six months, compared to 89 in the same period last year. These new leases are projected to generate an additional 63,100 euros in monthly revenue.

Furthermore, Turto bankas's solar power plants produced over 1.7 million kilowatt-hours of electricity in the first half, approximately 70% more than the previous year. This increased generation is estimated to have saved the company around 200,000 euros. Earlier this year, Turto bankas transitioned from a state enterprise to a joint-stock company. It centrally manages approximately 700,000 square meters of state-owned administrative real estate.

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The first half-year results show that consistent investments in state real estate are yielding tangible results – we have renovated more buildings, are reducing their energy consumption, and are creating higher quality working conditions for state institutions.