Elaia Revises its Forecasts for 2018: Profits to Fall By 66%

8 February 2019

The company stated that an excess of payments arising from the non-divestment of assets was among the reasons for the fall in its bottom line.

Elaia will fall short of its forecasts. The company wrapped up 2018 with a profit of 1.6 million euros, 66% less than its initial estimates of €4.7 million. The company had receipts of 7.7 million euros, 10% less than expected.

The socimi, which belongs to the Luxembourg group Batipart, said in a press release that operating expenses had increased, mainly through unplanned for expenses in its main business lines, the use of external consultants and specific legal studies it had requested.

On the other hand, the Madrid-based socimi indicated that its expenses had increased due to unplanned for expenses due to the unanticipated non-divestment of assets.

Elaia also noted that it had sold fewer units than planned, reducing its total sales by 1.7 million euros, due to a change in the management company’s strategy.

Original Story: EjePrime

Translation: Richard Turner