Spanish property group Realia posted a loss of €9.5m in 2012’s first half, down 186% from a positive €11m in the first half of 2011.
The company’s revenue decreased 38.6% to €105m in this year’s first half, compared with €170.9m in the same period last year. Rental income fell slightly from €88bn to €86.6m compared with the same period in 2011.
Realia’s properties in Paris, owned by French subsidiary SIIC de Paris, accounted for 47.2% of the total rental income. The SIIC’s portfolio value is around €1.5bn, 1.2% up from the end of last year.
Realia, which is in negotiations to sign a debt-restructuring agreement with a pool of banks, has net debt of around €1.18bn, 1.8% up from €2.14bn in last year’s first semester.
