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Metrovacesa Recorded a Loss of €23.5 Million in 2022 Due to a Fall in the Valuation of its Tertiary Asset Portfolio

The property developer Metrovacesa generated revenues of 519.2 million euros last year, up by 1.7% in YoY terms.

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Metrovacesa recorded revenues of 519.2 million euros in 2022, 1.7% more than a year earlier, with an EBITDA of 45.8 million euros, as reported by the new-build real estate developer on Monday.

However, as a result of the latest valuation of its assets, Metrovacesa was forced to recognise a loss on its income statement amounting to 54.3 million euros, mainly due to a drop in the valuation of its tertiary use portfolio. Therefore, the company’s net result last year amounted to -23.5 million euros. Excluding that extraordinary item, its recurring profit before taxes increased by 16.8% in interannual terms, up to 43.6 million euros.

Read the full article in Spanish.

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