Lebanon’s real estate giant, Solidere, records a net loss of USD 18.9 mn in the first six months of 2017, the company states.
The net loss during the first six months is compared to a profit of USD 72.1 mn within the same period last year, according to the company’s report on Reuters-affiliated website Zawya.
“The consolidated results reflect Solidere’s standalone financials and those of its subsidiaries (the Group), which mainly include Solidere International Limited, and other subsidiaries such as Solidere Management Services s.a.l., BCD Cinemas s.a.l., Beirut Waterfront Development s.a.l. and Beirut Hospitality Company Holding s.a.l.,” the report says.
The company claims that the huge decline in property sales, although rents increased by 10 % in the same period is one of the main reasons behind such loss.