Colonial has climbed the stock market after repeating the profit of 28 crores in the first quarter.

Colonial has climbed the stock market after repeating the profit of 28 crores in the first quarter.

Shares of Inmobiliaria Colonial are located in the upper zone of the IBEX 35 with an increase of 0.73% on Tuesday morning at 5.52 euros. The price is down almost 8% so far this year, with a market capitalization hovering around €3,000 million.

After the market closed yesterday, the Society informed the National Commission for Securities Markets (CNMV) that Achieved a net result of 28 million euros in the first quarter of the year, which means matching the figure for the same period last yearWith a 3% increase in rents signed in office contracts compared to the data for the end of 2022. In particular, it formalized 25 office rental contracts with a total space of 45,860 square meters in the first three months of 2023, a total of two fewer contracts than a year ago and nearly 5,000 square meters rented down.

Recurring net result increased to EUR 38 million, up 5.6% compared to the first quarter of 2022 and up 14% excluding the impact of asset divestitures.

This increase in recurring income is in line with the increase in rental income from Colonial Group’s property portfolio. “Colonial Group’s business has performed outstandingly with a strong rate of hiring, maintaining full occupancy levels,” he underlined.

for his part, The company improved its revenue by 11% year-on-year, up to 90 million euros, By markets, the biggest increase was in Paris (17%), followed by Madrid (8%). In contrast, billings declined by 10% in Barcelona.

Meanwhile, net expense income (Ebitda income) increased by 12%, reaching 77 million euros. In turn, due to the disinvestment program executed during the first quarter of 2023, Debt profile of Colonial Group has improved significantly as compared to December 2022 closingWith a shortfall of 336 million euros.

The current high level of liquidity, between cash and credit lines, makes it possible to cover all Colonial Group debt maturities by the year 2026.

Colonial’s president, Juan José Brugera, indicated that the company closes an “excellent” first quarter with double-digit growth in revenue and continues to improve profitability, standing above the average for companies in the sector.