Lar España’s Profits Soared By 77% To €47M In YTD Sept16

17 November 2016 – Expansión

Lar España generated a profit of €46.6 million during the first nine months of the year, which represents a 77% increase with respect to the same period last year, driven by the purchase of new assets, an increase in rental income and the affluence of its shopping centres.

The Socimi boosted its revenues from rental income by 80% between January and September, to €42.23 million, of which 90% was generated by its shopping centre portfolio, making Lar the third largest operator of this type of establishment in the country.

In fact, Lar España’s largest three tenants, by rental income, are Carrefour, which accounts for 7.78% of its total rental income, followed by Inditex (5.8%) and Media Markt (5.5%).

In terms of financing, at the end of September, Lar España recorded financial debt amounting to €455 million, meanwhile, on the other side of the balance sheet, its asset portfolio was worth around €1,201 million.

The fourteen shopping centres owned by the Socimi saw a 6.5% increase in visitor numbers during the first nine months of the year, well above the average in the sector (1.3%). Similarly, sales at Lar’s centres increased by 9.2%, compared with an average increase of 2.7% across all establishments.

Original story: Expansión

Translation: Carmel Drake