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Lar España Earned €12.5 Million in Q1, Down by 29%

The Socimi specialising in shopping centres saw its profit fall due to higher operating and financial expenses, although revenues grew by 24%.

Portal Marina, one of Lar España’s shopping centres, associated with Asipa.

Lar Spain closed the first quarter of 2020 with a strong performance, which allowed it to increase its rental income by 24% to €24.1 million euros, as reported by the Socimi in a statement to the National Commission of the Stock Market (CNMV).

However, the good performance of its more than 20 shopping centres and retail parks was not reflected in the net result, which fell by 28.78% to €12.5 million. The company attributes this decrease to the one-off increase in the valuation of its assets recorded in the first quarter of 2019, when more than €10 million was recorded as a result of the incorporation of the Lagoh shopping centre in Sevilla. In addition, the Socimi recorded extraordinary expenses of €7.7 million during Q1 2020, due to recurring services and the daily management of its centres, which involved a disbursement of €4.2 million, as well as the payment of fixed fees amounting to €2.4 million to its manager, the Lar Group.

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