Hispania increases its net profit by 49% in the first quarter

Hispania increases its net profit by 49% in the first quarter

Net attributable profit rose to 16 million euros, 49% above the 11 million euros obtained in the first quarter of 2016.

After the recent acquisitions the gross share value came to 2,049 million euros, and a net value of 1,512 million euros, equivalent to 13.88€/share.

The hotel portfolio of Hispania has improved its results, showing this quarter a gross operating profit (GOP) of 14%. In some cases, such as the Dunas portfolio, the last acquisition for Hispania in 2016, this increase was 42%. As a whole, the hotel segment registered net rents for Hispania of 26 million euros, a 35% increase over the same period of the previous year.

Hispania continues to invest actively in hotels, the highlight this quarter being the purchase of NH Málaga with a predicted total of 245 rooms and a 41 million euros investment. Málaga is one of the Spanish coastal cities where tourism is growing most rapidly and where Hispania already has two hotels.

The offices segment has also shown an important improvement in results, generating net rents of 4.3 million euros, an increase of 29% over the same period last year. The company has continued to increase occupancy rates during the quarter, now 84% compared to the 82% registered at the end of the 2016 financial year. Of special mention is the rental of more than 4,000m² to LaLiga in the Murano building, resulting in 100% occupancy, and 50% of Hispania’s properties now at 100% occupancy also as a result

Regarding the residential segment, Hispania has continued repositioning work on uts properties and have begun to execute their unit sales plan. During this first quarter, apartments have sold at a price 47% higher than the related investment and 16% above the most recent appraisal value, according to the company. 

 

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