Sun, Nov 08 2009

Spain's Martinsa Fadesa reports 2.47B euro loss

Wed, Mar 04 2009 12:14 CET byNick Iliev 769 Views
Spain's Martinsa Fadesa reports 2.47B euro loss

Spanish company Martinsa Fadesa, which has invested in real estate projects in Sofia, has recorded the staggering 2.47 billion euro loss for the fiscal year 2008, website investor.bg reported. This is as opposed to 2007 when the company recorded a net profit of 60 million euro.

Martinsa Fedesa's biggest project in Bulgaria is a large residential complex in the Sofia borough of Vitosha, called Modera Residence.

The company's revenue was down to 626 million euro in 2008, almost half of the 1.21 billion euro in 2007. Consequently, Martina Fedesa has applied for administration protection from impending bankruptcy.

Colonial, another large Spanish real estate company has reported a loss of 3.98 billion euro for 2008. Colonial, currently managed by its creditor banks, reported a net profit of 74 million euro for 2007.

Company officials claim that they have slashed their outstanding financial obligations by 1.6 billion euro for 2008, mainly through the sale of stocks.

Martinsa Fadesa and Colonial are the latest Spanish companies that have been struck hard by the encroaching financial crisis, reporting large losses. They have joined the list of other big-name companies who have declared extensive losses, namely Reyal Urbis, Renta Corporation and Nozar.

In January 2009, Nozar, one of Spain's leading real estate companies, was threatened with bankruptcy after it filed a loss exceeding four billion euros. 

 

Write comment

Name:Comment:

Generate new code
Send your comment
Equest Balkan Properties posts 9.5M euro H1 loss

Real estate developer Equest Balkan Properties has recorded a loss of 9.5 million euro before-tax loss in the first half of 2008, compared to a 9.7 million profit recorded in the first six months of last eyar, on the back of rising finance costs, operating and administrative expenses, as well as falling valuations of its assets, the company said in a statement filed with the London Stock Exchange, where it is listed on the alternative investment market.

Drastic decrease in resort property deals sees Brits selling at a loss

A sharp drop in the number of sales of holiday homes on the Black Sea and ski resorts is expected by the end of this year, Pari daily has said, quoting various real estate agencies. However, it is hard to forecast because there are no unified statistics about the market. Lux Imoti (Luxurious Estates) expects to strike 30-40 per cent fewer deals on Black Sea properties and 80-90 per cent fewer deals on mountain

Real estate forum in Bulgaria told of challenges

Participants in the Real Estate and Investment Forum held at the Sheraton Hotel in Sofia from May 30 to June 2 heard a wide variety of messages, some encouraging, and some causing concern. During a discussion on the environment for investors in South Eastern Europe, Canada's trade commissioner in charge of Bulgaria, David McGregor, said that Bulgaria's business environment had "a pretty good story to

More in this category

Bulgaria business property deals contracted sixfold – Forton

Office rent transactions peaked at 65 000 sq m between July and September 2008, but collapsed to 10 700 sq m in Q3 2009, Forton manager Sergei Koinov said.

Luxury real estate prices in Bulgaria slump by 40% - study

Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro.

Bulgaria's construction sector facing 'survival year' in 2010 - Minister

About 30 000 to 35 000 people employed in the construction sector were facing redundancies in 2010, Bulgaria's Regional Development Minister Rossen Plevneliev said on October 26.

Housing prices in Bulgaria fell 28 per cent year-on-year – official

Average market prices of housing in Bulgaria dropped five per cent in July-September, measured quarter-on-quarter, the National Statistical Institute said on October 23 2009.

Key interchanges in Sofia will be constructed with European Investment Bank loan

The European Investment Bank (EIB) has released a 43.5 million euro loan to Sofia Municipality, for infrastructure projects worth 88.1 million euro in total

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.