Montebalito Losses Rise, Reaching 830,000 Euros

14 August 2018

The real estate company’s Ebitda rose by 24% in the first semester compared to the same period in 2017, to 773,000 euros. In the year to June, the company had revenues of 4.6 million euros, up 22%.

Montebalito’s losses have increased. The Spanish real estate company’s losses went up by 14.6% in the first half of the year to reach 830,000 euros, the company reported to the National Securities Market Commission (CNMV). The company attributed the loss to the “negative impact of exchange rates (a depreciation of 17% for the dollar and 14% for the Brazilian real versus the euro) and losses on its trading portfolio.”

The group registered, on the other hand, a gross operating profit (Ebitda) of 773,000 euros, which represented an increase of 24% over the same period of 2017. The increase was led by an interannual increase of almost one million euros in the firm’s revenues, going from 3.8 million euros to 4.6 million euros, up 22%.

However, Montebalito’s financial losses reached 74% in the first half of the year. The real estate company almost doubled the 879,000 euros it had lost in June 2017, reaching a total loss of 1.53 million euros.

Two weeks ago, Montebalito announced that it would invest 8.8 million euros in the construction of forty homes in the Ciudad Lineal neighbourhood of Madrid. Also, last July, the historic real estate group announced that it had raised capital to amortise debt with Inversiones Malleo while it also awaits the incorporation of new partners as shareholders to execute its strategic plan. The developer foresees divestments of non-strategic assets in emerging countries and expects to concentrate on new projects in Spain and the European Union.

Original Story: EjePrime

Translation: Richard Turner