Solidere’s consolidated financial statements for the first 6 months of 2017 revealed an $18.9M loss compared to a net profit of $72.10M over the same period in 2016.
The company’s total revenues were slashed from $160.67M in H1 2016 to $34.30M in H1 2017 with revenues from land sales plummeting from $128.90M in H1 2016 to $94,500 in H1 2017.
Solidere’s losses during the first half of 2017 would have been higher had it not been for the revenues earned from its rented properties, which increased by a yearly 9.95% to $30.72M.
No new deals were sealed in H1 2017 and albeit negotiations are occurring for future ones, there remains to be tangible evidence in that regard.
Solidere’s balance sheet revealed that total assets slipped by 1.4% y-t-d to $2.84B.
Consolidated Financial Highlights in H1
| $M | 2017 | 2016 | Y-o-Y change |
| Net Income* | (18.92) | 72.1 | -126.24% |
| Total Assets | 2,838.15 | 2,878.2 | -1.4% |
| Total Liabilities | 840.8 | 862.27 | -2.49% |
| Total Equity | 1,997.35 | 2,015.93 | -0.92% |
Source: Solidere
Solidere “A” and “B” Share Prices
Source: BSE