Hispania Multiplies Its Profits By 11x To €120M In H1

28 July 2016 – Expansión

The Socimi Hispania generated an attributable profit of €120 million during the first half of 2016, which represents an eleven-fold increase in earnings compared with the same period last year.

These “solid” results reflect the “excellent progress” of the firm’s hotel portfolio, improvements in the occupancy rates of its office buildings and the continuous appreciation of its residential portfolio.

Net operating income increased eight-fold, to €48.2 million. The recurrent gross operating profit (EBITDA) amounted to €39.3 million, compared with a negative EBITDA of €124 million in the same period in 2015.

The net turnover figure stood at €60.18 million, i.e. six times higher than in H1 2015, when it amounted to €10.6 million. By segment, €48 million (+1.375%) of the Socimi’s turnover corresponded to hotels; €9.1 million (+68%) to offices; and €3 million (+55%) to residential assets.

Hotel success

According to the Socimi, its hotel portfolio has performed “very positively” during the first half of the year, driven, primarily, by its hotels in the Canary Islands.

The firm’s share price rose by 1% on the stock market yesterday to €11.50.

Original story: Expansión

Translation: Carmel Drake