Merlin Records Net Profit Of €255M In YTD Sept16

15 November 2016 – Expansión

Merlin closed the first nine months of 2016 (i.e. before it completed its merger with Metrovacesa) with a net profit of €254.9 million, compared with a loss of €130.3 million during the same period last year, when its results were weighed down by the costs associated with the integration of Testa.

The Socimi’s total revenues exceeded €236.6 million during the nine months to September, which represents an increase of 65.9%. €229.5 million of its revenues corresponded to gross rental income generated by its assets, up by 64.6%.

The company, which has created a real estate giant after integrating Testa and Metrovacesa into its operations, generated EBITDA of €191 million during the first nine months of 2016, which represents an increase of 91% compared to the same period last year.

Following the merger with Metrovacesa, Santander now owns 21.95% of the new Merlin, in addition to 46.21% of Testa Residencial’s share capital.

Original story: Expansión

Translation: Carmel Drake