Thursday, July 9, 2020
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Cortefiel’s Founders Revise Down the Forecasts for their Socimi for This Year

The Socimi Inmofam 99 has just revised down its forecast turnover due to the crisis, driven by lower rental income and a decrease in expected profits.

Cortefiel store, the brand forms part of the Tendam group.

The crisis caused by the Covid-19 pandemic is taking its toll on everything, including the business forecasts of companies. The Socimi Inmofam 99, owned by the Hinojosa family, founders of the Cortefiel group (now Tendam), which specialises in commercial premises, has just revised down its expected turnover, due to lower rental income and expected profit.

The company has informed the MAB of the status of its accounts. For this financial year, it estimates a reduction in turnover of 18% compared to 2019 due to “the application of discounts for tenants who had to temporarily close their premises to the public during the State of Emergency” declared by the Government pursuant to RD 463/2020. Currently, Inmofam has 9 assets in operation, which generated revenues of 2.5 million euros in 2019.

Read the full article in Spanish.

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