Galleria Tbilisi Ended 2020 with a Loss of ₾49.6 Million

"Galleria Tbilisi" ended 2020 with a loss of 49.6 million. The consolidated report of the company shows that in the pandemic year the profits were almost halved.

According to management, the mall was closed for several months due to a pandemic. In April, May, and December, when the mall was closed except for four tenants, tenants were not charged rent and service costs. The move has led to a significant reduction in revenue - annual revenue from 34 million to 19.55 million.

Operating profit was reduced from Rs 16.1 crore to Rs 3.4 crore.

In 2020, the gallery operated 131 stores, 2 less than in 2019.

On December 31, 2020, the company was fully owned by Gallery Holding Ltd. The ultimate owner of the company is a GCF LP registered in the Cayman Islands.

According to BDO, the real value of investment property is / 31/12/2020

Shopping Center - $ 96.948 million
Hotel - $ 5,568 million
Office 1 - $ 5.630 million
Office 2 - $ 2.778 million