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Urbas Closes 2019 with Overdue Debt amounting to More than €170M

24 February 2020 – Brainsre.news

The listed real estate Company Urbas Grupo Financiero, headquartered in Guadalajara and controlled by the Company Quantium Ventures, has closed 2019 in an unusual situation. On the one hand, the company managed to boost its profits to €1.1 million last year compared to €430,000 a year earlier, thanks to revenues of €5.9 million in 2019, compared with €3.01 million in 2018. In fact, €5.42 million of the total turnover in 2019 corresponded to its property development and land business (compared with €2.48 million in the previous year) and the rest to rental activity, which performed in line with the year before.

Nevertheless, according to the half-yearly accounts presented today, Urbas has also managed accumulate financial debt with mortgage guarantees overdue and pending payment amounting to €105.1 million, of its total financial liability balance of €105.9 million. Moreover, it has overdue debt with investment funds amounting to €58.17 million, another €4.56 million overdue to the public administrations and another €4.16 million overdue to suppliers.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake