Quabit’s Losses Decreased By 45% In H1 2016
16 August 2016 – Expansión
Quabit has closed the first half of the year with a net loss of €3.29 million, representing a reduction of 45% compared with H1 2015. The firm chaired by Félix Abándades has multiplied its revenues five-fold, to €21.1 million, and has reduced its net debt by 4% to €216.8 million as at the end of June.
The real estate group recorded gross operating losses of €3.45 million, which represents a reduction of 41% with respect to the negative balance recorded during the same period in 2015.
Quabit – which is in the middle of a five year business plan – underlined the fact that both the generation of revenues as well as of profits will “happen gradually” as its residential projects progress. They have a maturity period of between 24 to 36 months, which means that, during the first two years of the plan, the company’s EBITDA will remain negative.
The group added that, during this period, it will be possible to obtain profits through discounts on its debt and the gradual activation of tax credits. Quabit has agreed payment conditions on its debt that will allow it to register profits from discounts on its debt amounting to €55 million. It also has unregistered tax credits on its balance sheet amounting to €183 million.
On Friday, the company’s share price fell by 0.31% on the stock exchange to €1.74.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake