Spanish property giant Metrovacesa saw its net profit jump 65% year-on-year to close to just over EUR 1 bn in the first half of 2007, mainly due to a revaluation of assets as well as the contribution from its French arm Gecina. Metrovacesa said in a statement that net profit before asset revaluation rose by 13.2% from EUR 216 mln to EUR 245 mln.
Spanish property giant Metrovacesa saw its net profit jump 65% year-on-year to close to just over EUR 1 bn in the first half of 2007, mainly due to a revaluation of assets as well as the contribution from its French arm Gecina. Metrovacesa said in a statement that net profit before asset revaluation rose by 13.2% from EUR 216 mln to EUR 245 mln.
The company's revenue rose almost 13% year-on-year to EUR 468 mln. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 30% to EUR 433 mln, but it fell by 2.1% to EUR 188 mln without taking the asset revaluation into account. Real estate assets value rose 16.4% to EUR 23.4 bn in the first half.
Metrovacesa said its French unit Gecina will be separated from Metrovacesa under the plan agreed by the company's rival shareholders during the fourth quarter of the year
