Solidere’s consolidated financial statements for 2018 revealed a net loss of $115.7M compared to a net loss of $116.4M over the same period in 2017.
In details, Provisions for impairment retreated from highs of $79.26M in 2017 to $35.05M in 2018. However, the Write-off of receivables account stood at $33.66M over the same period, up from $14.47M in 2017 and the Loss on rescheduled receivables climbed from $685,432 in 2017 to hit $2.21M in 2018.
In turn, the company’s Total revenues fell by a yearly 2.2% to stand at $66.24M in 2018, owing it to a yearly decline of 5.1% in Revenues from rented properties to $56.86M. Meanwhile, Revenues from land sales increased from $94,500 in 2017 to $1.27M in 2018.
On the balance sheet, Total assets registered a yearly loss of 8.5% to stand at $2.48B in 2018. This is mainly justified by the drop in Accounts receivables from $363.68M to $146.58M over the same period, while Inventory of land and projects in progress rose by 4.2% to reach $1.2B
Solidere Stock Price Performance