Solidere SAL Registered a Net Loss of $116.06M in 2017

Solidere’s consolidated financial statements for the 2017 revealed a $116.06M loss compared to a net profit of $75.32M over the same period in 2016. This can be mainly linked to the fact that no new deals were sealed during the year and that the write-off of receivables account stood at $14.47M. Moreover, provisions for impairment rose from $11.55M in 2016 to $79.26M in 2017.

The company’s total revenues plunged from $266.58M in 2016 to $67.70M in 2017, mainly as a result of the fall in revenues from land sales from $203.26M to $94,500. However, revenues from rented properties increased by a yearly 6.16% to $59.93M.

On the balance sheet, total assets registered an annual loss of 5.8% to stand at $2.71B. In details, accounts receivables dropped from $509.33M , in 2016, to $363.66M, this year, while inventory of land and projects in progress rose by a yearly 5.92% to reach $1.16B.

Financial Highlights of Solidere in 2017 ($M)

  2017 2016 % change
Net Income          (116)                                75 -254.1%
Total Assets         2,712                          2,878 -5.8%
Total Liabilities            812                             862 -5.8%
Total Equity         1,900                          2,016 -5.8%

Source: BSE

Solidere Stock Price Performance

 

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