Lar España's revenues amounted to 50 million euros through September, 26 less due to lower asset values.

The Las Huertas shopping center in Palencia, owned by Lar España, generated EBITDA (earnings before taxes) of 49.6 million euros, an increase of 14%.

November24, 2023 13:19 Lar España Real Estate SOCIMI Vivienda D.

Lar España earned a net profit of 50.4 million euros in the first nine months of the year, down 26% from the 68 million euros earned in the same period of the previous year.

The decline reflects a lower valuation of its assets, which stood at 1.338 billion euros as of June 30, compared with 1.470 billion euros in the same month of 2022, according to an independent valuation by advisory firms JLL and Cushman & Wakefield.

This lower asset valuation, mainly driven by rising interest rates from central banks, does not, however, reflect SOCIMI's operating result.

According to the latest financial results, revenues rose 12.6% to 72.2 million euros, while net recurring profit amounted to 62.5 million euros, 2.3 times the 27.3 million euros in the first nine months last year.

These results already exclude revenues in August and September from the Rivas Futura and Vistahermosa commercial parks, sold on July 28 for 129.1 million euros.

Therefore, in a comparable figure, excluding revenues from the two assets also in August and September last year, sales growth would have been 14.5%, according to Europa Press.

In addition, earnings before taxes (EBITDA) amounted to 49.6 million euros, an increase of 14% compared to the same period a year ago, according to Europa PressIf we add to this the high corporate liquidity, we can conclude that we are in an excellent position to strengthen our leadership in the sector," said Lar España's corporate and financial director, Jon Armentia.