Spanish property giant Metrovacesa said it net profit rose 192.8% to EUR 1.79 bn in 2006, a three-fold increase year-on-year. The figure is well above the forecast of EUR 1.1 bn made by Spain's largest property firm following the release of its third quarter results, and higher than analyst estimates of EUR 1.23 bn.

Spanish property giant Metrovacesa said it net profit rose 192.8% to EUR 1.79 bn in 2006, a three-fold increase year-on-year. The figure is well above the forecast of EUR 1.1 bn made by Spain's largest property firm following the release of its third quarter results, and higher than analyst estimates of EUR 1.23 bn.

The disposal of EUR 831.4 mln of buildings was the major source of revenues in 2006. The property firm has total assets valued at EUR 12 bn in France and EUR 4.8 bn in Spain.

Metrovacesa's total revenues in 2006 amounted to EUR 2.3 bn, a 42.9% increase on the 2005 figure. Revenues from rents reached EUR 770.5 mln, mainly 'thanks to the contribution of the French unit Gecina,' Metrovacesa said in a press release. Metrovacesa has currently 35 projects under construction, of which 23 in Spain and 12 in France, for a total of 942,422 m2.

Meanwhile, the Sanahuja Family, Metrovacesa's majority shareholder with a 39.6% stake, got two new seats on the company's board. The move follows the announcement of a split-up of Metrovacesa agreed by the core shareholders to end up a year-long battle for control of the company. Under the agreement, the company will be divided in two entities.