Spain's Colonial turns to profit as value of its assets picks up again
July 30 (Reuters) -Spanish real estate group Inmobiliaria Colonial COL.MC said on Tuesday it turned to profit in the first half of 2024 as the value of its assets started rising again with interest rates expected to decrease in the coming months.
The Barcelona-based firm reported an attributable net profit of 86 million euros ($92.92 million) for January-June, after making a 347 million euro loss a year earlier.
Colonial said the value of its assets increased 1% like-for-like to 11.27 billion euros, reversing a downward trend which weighed on the company's profit for more than a year.
Central banks' tightening monetary policy in recent years took a toll on the real estate sector, but investment in properties is expected to pick up as interest rates in the euro zone have started to fall.
($1 = 0.9255 euros)
Reporting by Matteo Allievi and Javi West Larrañaga; Editing by Susan Fenton
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