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Overseas Property News
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Spanish builders announce huge Q1 losses
Country: Spain
26 May 2009 With the Spanish housing market in disarray, the price of properties in Spain have plummeted, construction levels have slowed, industry jobs have been lost, and developers are inevitably bearing the brunt of the slump, as reflected in the multi-million pound losses recorded in first quarter results. Spanish construction firm Metrovacesa has reported a loss of £79m for Q1, the worst in Spain, compared to earnings of £90m for the corresponding period last year. However, much of their operating losses were owed to the company’s £52.7m investment hit in the French property company Gecina, rather than operating losses in Spain. Spanish developer Realia lost £8.3m, compared to a profit of £23.5m in the same period last year. Martinsa-Fadesa lost £24m, an improvement of 68% on the previous quarter. Martinsa-Fadesa has been in court administration since July 2008. There was better news for Reyal Urbis, which reported a profit of £19.8m, mainly due to a tax credit. With a residential oversupply of around one million homes in Spain, the number of new home starts is expected to remain low for the next couple of years, at the very least. This does not bear well for any potential recovery for those developers listed on the Madrid stock exchange.
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