Spanish property company Colonial said its operating profit increased by 12% to EUR 65.5 mln in the first quarter of 2009 compared with the year-earlier period partly due to the sale of a number of assets and land. The company posted a net profit of EUR 1.4 mln in the first quarter, which compares to a loss of EUR 272 mln a year before.
Spanish property company Colonial said its operating profit increased by 12% to EUR 65.5 mln in the first quarter of 2009 compared with the year-earlier period partly due to the sale of a number of assets and land. The company posted a net profit of EUR 1.4 mln in the first quarter, which compares to a loss of EUR 272 mln a year before.
The Barcelona-based company said it has launched a new unit aimed at managing assets for third parties. 'The objective of this new subsidiary is to provide property services covering the full spectrum of the real estate chain,' the company said in a statement.
In the first three months of 2009, the firm reduced its debt by EUR 780 mln through the sale of its stake in SFL and FCC to a number of banks. Its total debt currently stands at EUR 6.5 bn, down 10% on Q4 2008.
