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Neinor Earned 35% Less in H1 After its Revenues Fell by 40%

The property developer recorded turnover of 99.85 million euros in the first half of 2020, down by 38.3% YoY, and profits of 6.8 million euros compared to almost 11 million euros in 2019.

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The residential property developer Neinor Homes, the first to debut on the stock exchange following the previous crash in the sector, closed the first half of 2020 with revenues of 99.85 million euros, compared to the 161.82 million euros it recorded in the same period last year.

The group’s gross margin amounted to 34.5 million euros and its operating result (EBITDA) was positive (14.8 million euros) but lower than the amount registered during the same period in 2019 (21.94 million euros). In terms of revenues, the property developer recorded sales of 87 million euros and a gross margin of 26.6%. The Servicing division generated turnover of 11.4 million euros and Legacy 1.4 million euros, with a negative gross margin of 2.2%.

Read the full article in Spanish.


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