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Quabit Records Losses of €50 Million to June

The property developer recorded losses amounting to 37 million euros on the value of some land, which exacerbated its losses, despite delivering 410 homes during the first six months of 2020.

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Quabit Inmobiliaria’s residential project in Guadalajara.

Covid-19 has had a significant impact on the result of one of the main listed property developers in Spain. Quabit, which emerged more than a decade ago from the merger of the former Astroc with Landscape and Rayet Inmobiliaria, has closed the first half of its financial year 2020 with losses of 50.25 million euros, compared to gains of 798,000 euros during the same period last year.

The losses come in a particularly important year for Quabit, which had set 2020 as a key period for the development of its new business plan, with numerous project launches and an ambitious delivery schedule. In fact, the property developer led by Félix Abánades managed to deliver 410 homes during the first six months of the year, which drove a 277% increase in its income to 73.15 million euros, including a contribution of 4.1 million euros in terms of third party income from Quabit Construcción (formerly Rayet Construcción).

Read the full article in Spanish.

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