Martinsa-Fadesa Lost €186 Mn in H1

1/09/2014 – El Economista

Spanish real estate firm Martinsa-Fadesa confessed it has said good-bye to €185.7 million in the first half of the year. However, the score was much worse in 2013 when the company lost €267.3 million.

The group underwent one of the most acute bankruptcy processes of 2008 after buying FADESA (FAD.MC) just before the real estate bubble burst.

Martinsa accused Fadesa of inaccurate asset valuation in 2006, however the case has not reached a sentence yet.

Although biannual sales of the company brought it €80.6 million (70.1% more than in H1 2013), the gross margin marked €15.3 million in the red, while the turnover showed a €27.6 million loss.


Original article: El Economista

Translation: AURA REE