Filtro Noticias
Search filter

REALIA increases profit by 24% to 123.1 million euro

30/10/2007

REALIA increases profit by 24% to 123.1 million euro

  • Revenues through September amounted to 613.8 million euro, 19% more than in the same period of 2006
  • EBITDA totalled 286.7 million euro, a 44% increase

REALIA, the real estate company part-owned by FCC and Caja Madrid, increased revenues by 19% to 613.8 million euro in the first nine months of 2007. EBITDA amounted to 286.7 million euro, an increase of 44%. Net income attributable to the controlling company amounted to 123.1 million euro, 24% more than in the first nine months of 2006, basically as a result of growth in rental revenues and land sales.
 
The sharp increase in rent is mainly due to the acquisition of SIIC de Paris in May 2006 and to good performance by the Madrid and Paris office markets, where the bulk of REALIA's assets are concentrated.
 
The Rental area contributed 24% of total revenues and 39% of EBITDA through September 2007, having expanded as a proportion of the company total. The Development and Land areas accounted for 75% of revenues and 60% of EBITDA since they have already achieved the bulk of the land sale target for 2007. Residential building accounted for just 15% of total EBITDA.
 
REALIA has expanded its rental portfolio by acquiring a new building in Paris through subsidiary SIIC de Paris for 118 million euro. The gross lettable area (GLA) of the building is 12,058 m2 and it has just one tenant, Électricité de France (EDF), under a lease that expires in 2013, providing excellent revenue security and stability to the investment.
 
In the first nine months, REALIA sold 243,431 m2 of building land for 255 million euro. Also, as part of the company's policy of rotating assets that are non-strategic or have attained the desired level of maturity, REALIA sold a building in the Tres Cantos Technology Park (Madrid) for 22.7 million euro, 8.6% more than the valuation made by Richard Ellis for the IPO.