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Montebalito Records Losses of €3.9 Million in H1 2020

The listed company closed the first half of the year with losses of almost 3.9 million euros, despite increasing its income by 37% to 8 million euros.

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Montebalito’s Mirador Residence in Puerta de Hierro in Madrid.

The listed company Montebalito has closed the first half of 2020 with losses of almost 3.9 million euros, compared to a profit of 446,000 euros during the same period in 2019, according to the results filed with the National Securities Market Commission (CNMV).

In this sense, the property developer has explained that its result is due to the Covid crisis, “which has had a negative impact” in the countries where the group operates. “This effect has only been reflected in exchange rate differences for the currencies of the Latin American countries and although they are important, we estimate that they are reversible, to the extent that these effects will disappear over the short- and medium-term,” said the company.

Read the full article in Spanish.

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