Quabit’s Net Sales Down 86%
17 August 2017
Quabit reported a net loss of 3.5 million euros in the first half of the year, 6.3% worse than the result of the year before. The real estate firm stated that the result reflected the lack real estate developments delivered this year.
Similarly, net sales fell by 86.6%, to 2.8 million euros, due to the liquidation of Quabit’s residential stock and because the firm ceded 150 houses as payment to a financial institution during the previous year.
This year the company’s sales have come from the selective sale of land and the remaining homes in its portfolio.
The developer explained that it launched six new developments this year, with a total of 584 homes. That is added to the 304 units the developer already had for sale and the 716 homes it has just put on the market, increasing the company’s commercial portfolio to 1,604 homes.
Income expected from these 1,604 homes is €320.8 million and will be reflected in the income statement as deliveries are made, between 2018 and 2019.
Original Story: ProOrbyt Expansion – R. Arroyo
Translation: Richard Turner