Metrovacesa swung back to a profit of over EUR 15 mln in the first six months of the year, versus a loss of EUR 15 mln in the same period a year before. The positive result was mostly due to lower writedowns across its property portfolio.

Rental income however fell over 63% year-on-year to EUR 139 mln in H1 2011, largely as a result of property sales. Earning Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased 142% to EUR 17 mln, including negative revaluations totalling EUR 43 mln in H1.

Metrovacesa, which owns a portfolio valued at EUR 7.8 bn, said its total debt load amounted to EUR 4.7 bn at end-June 2011, a decrease of 16.8% compared to the year before and representing a 60% Loan-to-Value ratio. Following the launch of a EUR 1.4 bn capital increase in August, the company is over 95% owned by its creditor banks, with Banco Santander being the largest shareholder with a stake of nearly 35%.

Metrovacesa's share price was up 5.43% to EUR 1.36 per share in mid-afternoon trading in Madrid.