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)
Solidere Stock Price Performance