Saint Croix’s Profit Falls to €1.9M in Q1, Down by 54%

30 April 2020 – Brainsre.news

The Socimi owned by the Colomer family attributes the reduction in profit to the fact that, during the first quarter of 2019, it recorded revenues of €1.4 million from asset sales (which were not repeated in Q1 2020) and because it recorded short-term losses of €619,000 in Q1 2020 due to Covid-19.

Saint Croix, the Socimi owned by the Colomer family, which also own Pryconsa, closed the first quarter of 2020 with a profit of €1.9 million euros, down by 54% compared to the same period a year earlier, when its profits amounted to €4.2 million, as published by the firm through the National Securities Market Commission (CNMV).

The company has justified the reduction in profit to the fact that, during the first three months of 2019, the company obtained a net profit of more than €1.45 million from the sale of real estate assets; whereas “during the first quarter of 2020, the company’s financial investments were affected by Covid-19, which resulted in a temporary loss of €619,176,” said the Socimi.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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