Realia earns 95% less in first six months of 2020

Realia, the Spanish real estate firm controlled by Carlos Slim, achieved a profit of €1.5m in the first six months of 2020. That was significantly worse than the €32 million profit it achieved for the same period last year. The company decided to increase provisions and adjust the value of its asset portfolio downward by €19 million due to the economic crisis caused by Covid-19. The crisis is expected to hurt future rents and in yields. Realia's real estate income for the first half of the year amounted to €47.29 million, 2.6 percent less than in the same period of 2019.