Metrovacesa triples its turnover but shoots its losses by 68% in Q1

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The company registered a red number of 4.7 million euros, compared to 2.8 million euros the previous year, when it recorded capital gains on the revaluation of assets.

Metrovacesa started the year at double speed. The company, controlled by Banco Santander and Bbva, closed the first quarter with losses of 4.7 million euros, 68% more than the previous year. However, the group's revenues tripled to 28.9 million euros.

The increase in losses is due to a lower revaluation of the group's assets, which in 2018 recorded capital gains of 3.8 million euros and this year it recorded a deterioration of 0.4 million euros. Metrovacesa's turnover, on the other hand, shot up 228% despite the fact that the sale of residential developments, its main line of business, fell to 3.5 million euros, compared to 8.8 million in the first quarter of the year. last year.

The company registered 417 pre-sales in the first quarter, 374% more than in the same period of the previous year, which has already reached 64% of the target set for this year. The company also signed an agreement with Ares Management for the sale of 121 homes for rent.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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