Spanish real estate company Realia, controlled by Mexican tycoon Carlos Slim, announced on Tuesday a 44.7% year-on-year decline in first-quarter revenues in the face of a significant drop in the delivery of developments.

However, the company expects the business "will recover throughout 2023 with the delivery of new developments, according to the planned schedule".

The 85.6% decline in the area of developments contrasted with a 5.2% increase in the area of assets (rentals).

As a consequence of the drop in revenues, which together amounted to 27.21 million euros, ebitda or gross operating profit fell by 31% and net profit by 50%, a decline aggravated in the latter section by the impact of the rise in interest rates on the payment of its debts.

(Information by Tomás Cobos)