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Realia’s Profits Fell by 95% in 2020 Due to its Provision for Covid

Carlos Slim's real estate company managed to increase revenues thanks to its return to residential property development, but it also had to recognise a provision for 15 million euros due to the impact of the pandemic.

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The listed real estate company Realia, which operates in the property development and rental sectors, closed 2020 with an attributable net profit of 2.11 million euros, well below the 45 million profit it obtained the previous year.

The significant decrease in earnings is clearly explained by the impact of Covid, which forced the firm to recognise a provision amounting to almost 15 million euros (14.26 million euros, to be specific), compared to the positive result that was recorded in 2019, when it reversed provisions amounting to 11.52 million euros.

Read the full article in Spanish.

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