Martinsa Fadesa lost 582 million Euros in 2012 after facing strong provisions.

Martinsa Fadesa, who suffered the biggest creditor´s meeting in Spanish history in 2008, continues enduring the effects of the deep construction crisis. The real estate company closed 2012 with red number of 582,8 million Euros, a similar figure to the losses registered the previous year: 584,7 million Euros.

The revenues of the group reached 160 million Euros, 11% less than in 2011, while the gross margin was negative in 5,7 million Euros, a figure sensibly lower than the negative 50 million Euros of the previous year. According to Martinsa, this recovery “has been a consequence of the sale of assets at a price very near to the their valuation price”.

The real estate company reduced its expenses by 11%, down to 36,6 million Euros and decreased the red numbers in its ebitda down to 7,8 million Euros opposite to the 135 million Euros of 2011.

Martinsa, which faced repayments and provisions based on the deterioration of its assets for 386,8 million Euros, closed last year with a debit side and a patrimony of 3531 million Euros, 702 million less than in December 2011.

Source: Expansión