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Q1 2016: Colonial’s Net Profit Rose By 131% To €11M

13 May 2016 – Expansión

Colonial closed the first quarter of the year with an attributable net profit of €11 million, up by 131% compared with the same period in 2015, after increasing its revenues from rental income by 20%. The real estate company generated €66 million from renting out its offices, which are primarily located in the major business districts of Madrid, Barcelona and Paris.

The company highlighted that it leased 40% more office space during the quarter, specifically, 45,000 sqm during the three months to March, which represents half of its objective for 2016 as a whole.

The greatest increase was recorded in Barcelona, where Colonial renewed the lease contract of the building that houses Gas Natural’s headquarters, measuring 22,400 sqm, and where it also leased out almost 3,000 sqm to the audit firm Grant Thornton.

Colonial’s share price increased by 0.32% yesterday to €0.633.

Original story: Expansión (by J.O.)

Translation: Carmel Drake