Lagoh Shopping Centre | Photo Collected from Lar España Website
The recurring net profit during this period reached 12.8 million euro, 67% more than the 7.7 million euro it reached during the first quarter of last year, according to the report the REIT issued last week.
José Luis del Valle, president of Lar España’s board of directors, stated that «the company’s revenue and profit increases during the first quarter of this year highlight our ability to achieve stable and recurring revenues on the long-term. Note that, faced with the sudden arrival of the pandemic, we guaranteed at all times the implementation of the ultimate safety measures for our professionals, tenants and final clients. In terms of finances, our balance and liquidity reinforce Lar España’s resilience. Thanks to this position we will come out of the current situation stronger, adding value to our shareholders and in better conditions to lead the recovery of the sector and its contribution to the Spanish economy».
Lar España’s total EBITDA, recurring and non-recurring increased 43% during the same period, from 12 million euro during the first quarter of 2019 up to 17.1 million euro this year.
Lar España’s cash position is about 200 million euro, once we discount the dividends from 2019, which were distributed the last 16th of April. «This strength in cash would allow us to face without any restraints all the company’s spending, including financial spending, for the next four years», assured the company.
In its results report, the REIT showed its action plan for the reopening of its shopping centres, with specific cleaning, safety, maintenance, parking, entry, scheduling, transport, common space allotment and food courts protocols, among others.
Additionally, Lar España agreed to cooperate with SGS to develop a certification to verify all safety and hygiene measures concerning Covid19.