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Sareb Increased House Sales by 10.4% to September But Stopped Repaying its Debt

Between January and June, Sareb cut its total expenses - excluding financial costs - by 25%, which allowed it to reduce its losses by 21% to 399 million euros.

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The Company for the Management of Assets Proceeding from the Bank Restructuring (Sareb) sold 1,260 homes during the third quarter of 2020, up by 10.4% compared to the same period a year earlier, according to figures revealed by the company. The combined notarised price of those sales amounted to 114 million euros, unchanged from 2019.

Revenues and profits fall

Nevertheless, the figures for the business as a whole were not so bright. In this context, Sareb recorded a 48.6% drop in revenues during the first half of 2020, compared to the same period in 2019, to 540.6 million euros, according to the Activity Report for the first half of 2020 published today on its website. “The gradual recovery of the business is happening at a time of uncertainty, after the first 6 months of the year impacted by the health crisis and the consequent suspension of sales,” say sources at the firm.

Read the full article in Spanish.

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