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Spain’s Large Real Estate Companies Earn 15% Less During Q1, Despite Recording €100M More in Revenues

The fall in profits of Merlin and Lar España, after the extraordinary items recorded last year, take the combined profits of the listed property developers and Socimis to €89 million during the first quarter.

Imagen de cómo será la promoción Orellana de AEDAS Homes en Alcalá de Henares. 1024x576 1
Ones of Aedas Homes’s housing developments in Alcalá de Henares.

The main listed real estate companies, Socimis and property developers have presented the first results of the financial year 2020, a period that will undoubtedly be marked by the Covid-19 pandemic and its effects on the Spanish economy and, therefore, on the real estate market.

Between January and March, the main Socimis (Merlin, Colonial, Lar España and Árima) and property developers (Metrovacesa, Neinor, Aedas, Realia and Inmobiliaria del Sur) registered a combined profit of €89 million, which is 15% lower than during the first quarter of 2019, when two of the largest real estate companies on the Spanish Stock Exchange, Lar and, above all, Merlin recorded significant capital gains that caused their net results to soar.  

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