Merlin’s Profit Rose By 47% In Q1 To €66.6M

16 May 2017 – Expansión

The real estate company, which merged with Metrovacesa last year, recorded total revenues of €119.9 million in Q1, up by 52.9% compared to last year, the majority of which came from rental income.

Merlin Properties, in which Santander and BBVA hold stakes, generated a net profit of €66.6 million between January and March, up by 47.1% compared to the same period last year.

The revenues of the real estate group, the largest in Spain and one of the largest in Europe, following its integration of Metrovacesa, registered total revenues of €119.9 million, which represented an increase of 52.9%.

Most of that figure corresponded to rental income, with gross rental revenues of €115.3 million, up by 50.1%. In turn, of the total rental revenues, €53.4 million corresponded to offices, €22.6 million to shopping centres, €26.1 million to high street retail premises, and €8.9 million to logistics assets. Merlin’s EBITDA improved by 47.5% to €99.4 million, and it recorded a margin of 82.9%.

At the end of the first quarter, Merlin’s gross asset value (GAV) amounted to €10,026 million. The group invested €206 million between January and March, mostly on the acquisition of new assets (€188.7 million). Its net financial debt amounted to €4,570 million.

Original story: Expansión

Translation: Carmel Drake