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Gmp’s Profit Falls by 92% to €9.2 Million Due to the Impairment of its Assets

The Socimi controlled by the Montoro family registered a 1.1 million euros decrease in the value of its properties during the first half of the year, compared with an increase of 89.6 million euros in 2019.

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Castellana Norte business park in Madrid, sold recently by Gmp.

The Socimi Gmp, controlled by the Montoro family and in which the Singapore sovereign fund hold a stake, closed the first half of 2020 with a profit of 9.2 million euros, which represents a 91.8% drop compared to the same period last year, according to the accounts filed with BME Growth (formerly the MAB).

This significant decrease in the result on its income statement is due to the variation in the fair value of the assets that make up the company’s portfolio. During the first half of the year, the value of assets has fallen by 1.1 million euros; whilst during the first six months of last year the value rose by 89.6 million euros.

Read the full article in Spanish.

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