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13 May 2015 – El Economista
Realia reported a net profit of €200,000 during the first quarter of 2015, compared with losses of €7.6 million a year earlier, according to the company’s report to Spain’s National Securities Market Commission (CNMV).
The firm has attributed this improvement to: a higher margin on its rental activity, a lower negative margin on its residential activity and an improvement in financing costs.
Between January and March, total revenues amounted to €23.3 million, i.e. 33.9% lower than during the same period in 2014, due to a decrease in the sales of property developments and land, at the same time as the gross operating profit (EBITDA) amounted to €10.3 million, i.e. 59% more.
Realia reduced its net financial debt with credit institutions and similar entities by €1,018 million during the first quarter of 2015, with respect to the debt held during the same period in 2014 (48% less) and by €2 million compared with December 2014, reflecting a net generation of cash.
At 31 March 2015, Realia had total gross debt with credit institutions and similar entities of €1,710 million and had cash and cash equivalents amounting to €619 million.
Net financial debt amounted to €1,091 million. 49.6% of the group’s total debt matures in 2016 and 48.1% matures in 2017 or subsequent years.
The net financial result decreased from -€13.9 million during the first quarter of 2014 to -€5.5 million during the same period this year, representing an improvement of 60.5%. The financing cost as at 31 March 2015 amounted to 1.33%.
Original story: El Economista
Translation: Carmel Drake