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Quabit’s Losses Soar to €58 Million Due to Covid

The property developer controlled by Félix Abánades has experienced a significant increase in its losses despite a 424% increase in turnover after delivering more than 500 homes.

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The listed property developer Quabit, led by the businessman Félix Abánades, has closed the first nine months of 2020 with significant growth in its turnover. Specifically, the company recorded revenues of 130.7 million euros until the third quarter, a figure that far exceeds the almost 25 million it obtained during the same period last year.

This increase in turnover was due to a high rate of deliveries, specifically, Quabit has handed over 575 homes, as well as a land sale operation and the contribution from the former company Rayet Construcción, which generated revenues of 6.9 million euros.

Read the full article in Spanish.

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