28 February 2017 – Expansión
Realia recorded a net profit of €115.7 million in 2016, compared with €17.2 million in 2015, which represents an almost seven-fold increase in earnings, according to a report submitted yesterday by the real estate company to Spain’s National Securities and Exchange Commission (CNMV).
Sources at Realia explained that this evolution in profit reflects the impact of a series of extraordinary items, including a positive variation in the value of its real estate investments, amounting to €49.2 million.
In addition, the company recorded a positive impact of €113 million, due to discounts associated with the refinancing of the residential debt and loan acquired by Inversora Carso from the bad bank Sareb.
During 2016, the group generated total revenues of €97.2 million, up by 2.4% compared to 2015, driven by an increase in revenues from promotions and land (+€7.1 million) and despite a decrease in rental income (-€4.8 million) after the Los Cubos building in Madrid was vacated – that property is now up for sale.
Meanwhile, the gross operating income (EBITDA) amounted to €41.8 million in 2016, compared with €40.5 million in 2015, which represents an increase of 3.3%.
Original story: Expansión
Translation: Carmel Drake