The Lebanese Company for the Development and Reconstruction of the Beirut Central District S.A.L. (Solidere) released its consolidated financial statements (which take into account the company’s subsidiaries), reporting a net profit of $42.14 million in the first half of the current year, compared to a net loss of $99.10 million during that same period last year. In detail, revenues from property and land sales soared to $151.06 million, eclipsing as such the 7.76% annual contraction in rental revenues to $27.22 million, the 1.89% drop in revenues from provided services to $3.92 million, and the 55.72% nosedive in gains on sale of investment properties to $0.11 million. Consequently, net operating profit rallied by nearly six folds year-on-year to $101.46 million, which was met by an 11.21% decrease in general and administrative expenses to $12.54 million. In parallel, the Group’s provisions for impairment stood at $0.87 million in H1-2019, compared to a negative $78.67 million a year earlier. Furthermore, Solidere suffered a $16.49 million loss from its participation in affiliated entities, compared to a $12.71 million loss registered by end of June 2018. On the balance sheet front, Solidere Group’s consolidated assets narrowed by 6.25% during the first half of the year 2019 to just below $2.33 billion, down from $2.48 billion at year-end 2018. More specifically, accounts and notes receivable sank by 23.84% to $111.63 million, with land inventory & projects under construction receding by 4.14% to around $1.16 billion (circa 49.64% of total assets). On the other hand, total liabilities plummeted by 28.22% to $501.52 million, while shareholders’ equity rose by 2.36% to about $1.83 billion.