Tuesday, August 11, 2020
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Aedas’s Turnover Increases by 200% Despite Delivering Just 18% of its Planned Homes

The property developer owned by Castlelake closed the first quarter of its new fiscal year with losses of 4.1 million euros, equivalent to half those of the previous year, due to higher financial costs.

Aedas Homes has closed the first quarter of its new fiscal year (which now ends on 31 March rather than 31 December) with losses of 4.1 million euros. The property developer has explained that these negative results are due to the recurrence of fixed costs associated with the developments that the company is currently working on, as well as the greater burden of financial costs due to the increase in its gross debt.

Aedas’s losses are high but they are lower than those registered in the same period in 2019, when they amounted to 8.8 million euros. Nevertheless, the business is performing well and so the company controlled by the North American fund Castlelake obtained revenues of 27.2 million euros, up by 208% compared to the first quarter of the previous year.

Read the full article in Spanish.

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