Italian listed property services firm Prelios saw its net loss shrink from €61.2 mln in 2014 to €44.5 mln last year, largely thanks to a reduced impact of real estate asset impairment.
Italian listed property services firm Prelios saw its net loss shrink from €61.2 mln in 2014 to €44.5 mln last year, largely thanks to a reduced impact of real estate asset impairment.
The Milan-based group also announced CEO Sergio Iasi has decided to resign from his position, having met the objectives he set out to achieve, most recently the company's rights offering.
Iasi has led the company since 2013 and completed Prelios’ repositioning as a pure management company. For the time being, the company is not appointing a new CEO and has granted Riccardo Serrini all operating powers in this respect.
Serrini will maintain his role as CEO of Prelios Credit Servicing, the group’s platform specialised in non-performing loans.
In the year ended 31 December, 2015, Prelios reported revenue of €70.9 mln, versus €72.1 mln a year earlier. In particular, services platform revenue came to €70.1 mln, down slightly from €71.7 mln in 2014 and slightly less than the targets announced to the market.
The company is targeting services Platform turnover of between €100 and €105 mln in 2016.
In the first few months of the new year, the company completed the spin-off of the investments business unit, resulting in the reduction of its corporate bank debt by €238.5 mln to €20.1 mln. As such, the company's net financial position improved from a negative €184.9 mln at year-end 2015 to €5.8 mln in March 2016.
