The Largest 4 Socimis Almost Tripled Their Profits In Q1 2016
31 May 2016 – Expansión
Analysts are convinced that the performance of the Socimis on the stock market has little to do with the underlying evolution of their businesses. The largest four companies – Merlin Properties, Hispania, Lar and Axiare – almost tripled their combined profits during the first quarter of the year, generating more than €70 million compared with €29 million during the same period a year earlier, and they now hold property-related assets worth €5,600 million. Specifically, Merlin recorded a net profit of €45.2 million during the first three months of the year, up by 131%. The only Ibex-listed Socimi has already started to rotate its assets. In this vein, the firm accepted offers for 30 assets amounting to more than €50 million during the first quarter.
Meanwhile, Hispania – the largest non-operator hotel owner in Spain – multiplied its profits by 18x during the three months to March, to reach €11 million, whilst Lar España improved its profits by 129% during the first quarter to €8.7 million. Finally, Axiare increased its profit by 22% during the period, taking its earnings to €5.1 million.
Original story: Expansión
Translation: Carmel Drake