Spanish listed property group Parquesol announced that profits after tax increased 6% to EUR 28.3 mln in the first half of 2007 as the company invoiced a total of EUR 99.4 mln for the period. Parquesol said that business volumes rose significantly in the first half of the year, thanks to land sales.
Spanish listed property group Parquesol announced that profits after tax increased 6% to EUR 28.3 mln in the first half of 2007 as the company invoiced a total of EUR 99.4 mln for the period. Parquesol said that business volumes rose significantly in the first half of the year, thanks to land sales.
Revenues from land sales rose to EUR 39.6 mln from EUR 28.9 mln in the year-earlier period. By contrast, revenues from residential development eased to EUR 44.7 mln. Parquesol said they are expected to recover in the second half of the year thanks to more deliveries of new homes. In percentage terms, 45% of first-half revenues were from residential development, 40% from land sales, 10% from rental income and 5% from asset divestments.
In terms of new investments, Parquesol noted that it had paid a total of EUR 42 mln for land for primary residences and second homes and development of its own office rental projects in the six-month period.
Parquesol is poised to merge with Spanish construction company San Jose Group, which acquired a 55% stake in Parquesol earlier this year. The merger would crate a conglomerate with net sales of about EUR 1.6 bn.