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Cevasa Earns 58% Less and Blames the Impact of the Crisis on Rental Housing

The company's debtor balance increased by 850,000 euros during the first nine months of the year, due to postponements agreed due to Covid 19 and non-payments.

Edificio de Cevasa en Barcelona 1024x576 1
Building owned by Cevasa and located in Barcelona.

Cevasa’s profit decreased by 57.7% until September to 6.5 million euros, following the depreciation in the value of its assets due to the pandemic crisis, as reported to the National Securities Market Commission (CNMV). The company reduced the value of its properties by 1.6 million euros, compared to an appreciation of 10.7 million euros registered during the same period a year earlier.

On the business side, the company specialising in residential rental properties closed the first nine months of the year with revenues of 14.3 million euros, up by 0.8% compared to the 14.2 million euros it invoiced during the same period in 2019.

Read the full article in Spanish.

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