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Merlin’s Profits Fall by 36% in Q1 as it Extends the Rent Subsidies for its Tenants

14 May 2020 – Brainsre.news

The Socimi earned €38.6 million in the first quarter, down by 36%, due to the sale of assets and its provisions for Covid that will have a lesser-than-expected impact on its commercial policy.

New measures, provisions and a lower impact on its commercial policy. That is how Merlin Properties is facing the crisis generated by Covid-19, which has seen the majority of its commercial tenants having to close their premises.

Despite this, Merlin generated revenues of €131.8 million euros during the 3 months to March, down by 0.6%, whilst gross rents after incentives stood at €123.3 million, equivalent to 2.6% less.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake