Quabit’s activity, which is based on the development of medium-profile homes on the outskirts of cities, has been hit hard by the crisis. That was reflected in its results for 2020, which recorded a loss of 147.5 million euros (compared to a loss of 9.2 million euros in 2019).
The company led by Félix Abánades has been greatly affected by the need to recognise provisions to reflect a deterioration in the value of its land, as well as by a reduction in tax credits amounting to 59.6 million euros, which account for more than 85% of the losses recorded. The firm’s losses multiplied 16-fold, according to the figures submitted to the CNMV.
Read the full article in Spanish.