Metrovacesa registers losses of €75.9M due to the crisis

Metrovacesa registers losses of €75.9M due to the crisis

This amount is partly the result of the downward revision of the company’s portfolio which dropped 58.3 million euro. Currently, it is estimated at 2.626 million euro, 4.3% below the amount registered at the end of last year, according to the company’s report released this Tuesday at the Comisión Nacional del Mercado de Valores.

During this period, the EBITDA also appeared in the red, registering -8 million euro, even lower than the number registered last year (-5.6 million euro).

But not all numbers were negative, during the first half of the year, Metrovacesa saw its full revenues increase 15% y-o-y, reaching 96.3 million euro. The sale of terrains (98% tertiary terrains and 2%) and the sale of 226 dwellings with a gross margin of 16% explain these numbers.

Now, Metrovacesa says it is facing the crisis with a cash value of 301.5 million euro, which allows it to have a «solid financial situation», and an «attractive terrain portfolio». It is with a focus on «prudent» management, that Metrovacesa claims to be «prepared to accelerate its activity when the visibility improves», maintaining the «focus on shareholder remuneration».

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