HomeREITsAtom Records ...

Atom Records Lower Profits than Forecast Due to the Deterioration of Certain Assets and Higher Financial Costs

Atom Hoteles Socimi salida a Bolsa. Fuente BME 1920x1443 1
The Socimi specialises in hotel assets.

The Socimi has justified the 67% ‘decrease’ in the company’s profit as due to accounting differences in terms of the financial expenses, as well as the deterioration of certain assets. Atom earned €3.2 million in 2019 based on its audited results, compared with a forecast of €9.5 million. By contrast, its turnover rose by 4% YoY in 2019 to €33.3 million.

The company, in which Bankinter holds a stake, published its forecast income and expenses for the years 2018 and 2019 in November 2018 as part of its MAB incorporation document. Those forecasts were approved by the Board of Directors of the company on 7 November 2018. Now, Atom has submitted information to explain the differences amounting to more than 10% between the forecasts published in the MAB document and the result at the end of 2019.

B-Exclusives

Latest news