Hispania Multiplies Its Net Profit By 11 In YTD Sept16

14 November 2016 – Expansión

Hispania, the Socimi in which George Soros owns a stake, has generated net profits of €136.7 million during the first nine months of the year, which represents an almost 11-fold increase compared to the €12.94 million it generated during the same period last year.

The company’s turnover amounted to €100.1 million during the nine months to September 2016, compared with €19.58 million during the same period in 2015. In addition to rental income from the asset portfolio, the revenue figure also includes net bonuses and discounts, and income generated from the direct management of the following hotels: Holiday Inn Bernabéu, Hotel Maza, Hotel Guadalmina Spa & Golf Resort and three hotels in the San Miguel portfolio.

At the end of September, the gross value of the Socimi’s real estate assets amounted to €1,684 million, compared with €1,425 million at the end of last year.

The Board of Directors has approved the payment of a €17 million dividend on 30 November. Hispania will pay a total dividend of €40 million during the financial year 2016, of which €10 million has already been disbursed. The final payment corresponding to 2016 will take place after the next General Shareholders’ Meeting, which is due to be held in 2017.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

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