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.