Q1 2016: Merlin’s Profits Soar By 131% To €45.2M

13 May 2016 – Negocios.com

Merlin recorded revenues of more than €78.4 million during Q2 2016, up by 141% compared to last year. EBITDA increased by 127% to reach €67 million.

The Socimi Merlin Properties confirmed the real estate recovery by generating a net profit of €45.23 million between January and March, up by 131% compared with Q1 2015, whilst its total revenues rose by 141% to reach €78.4 million, according to a statement sent by the company to the CNMV.

The company’s EBITDA increased by 127% to reach €67 million, and its gross annualised revenue amounted to €310.1 million, with an occupancy rate of 94.5% and a net asset value of €3,218.3 million.

In its statement, Merlin highlighted that it has accepted offers for more than 30 assets, worth over €50 million and explained that it will allocate most of those revenues to paying off some of its debt.

During the quarter, the company purchased assets amounting to almost €150 million, bringing its real estate portfolio at the end of March to 1,028 assets and a gross leasable surface area of 1.9 million sqm.

Original story: Negocios.com

Translation: Carmel Drake