Solidere posts losses for second year in a row
Solidere’s audited financial statements for 2018 show a loss of $116 million, the same amount the company lost in 2017.
Total revenues dropped two percent to $66 million last year, while revenues from land sales increased to $1.2 million compared to $94,500 in 2017. Property rent revenues decreased five percent, falling to $57 million.
Solidere has succeeded in decreasing its general and administrative expenses by 12 percent. Expenses fell to $31 million, according to the statements.
Total assets were relatively stable at $2.4 billion, while total liabilities decreased 14 percent to $699 million.
Solidere achieved total audited profits of $75 million in 2016.
Reported by Gisele Khalaf
Date Posted: May 30, 2019