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 $38.07 million in the first half of the year 2020, compared to a profit of $42.14 million in H1-2019. In detail, revenues from property and land sales soared to $228.75 million with gains on the sale of investment properties rallying to $4.37 million. However, cost of revenues accelerated at a much faster pace than revenues, rallying from $80.84 million in H1-2019 to $157.01 million in H1-2010. Consequently, net operating profit contracted by 8.88% to $92.45 million, while general and administrative expenses increased shyly to $12.67 million. In parallel, the Group recorded some $17.61 million in provisions for impairment compared to write-backs of around $1 million a year earlier. Furthermore, Solidere suffered a $7.55 million loss from its participation in affiliated entities, compared to a $16.49 million loss in H1-2019. On the balance sheet front, Solidere Group’s consolidated assets narrowed by 1.85% during the first half of the year 2020 to just below $2.21 billion, down from $2.25 billion at year-end 2019. More specifically, accounts and notes receivable sank by 49.56% to $65.54 million, with land inventory & projects under construction receding by 11.85% to around $0.98 billion (circa 44.33% of total assets). On the other hand, the Group’s total liabilities fell by 19.06% YTD June 2020 to $337.89 million as the company used sale proceeds to settle its bank facilities, while shareholders’ equity rose by 2.08% to about $1.87 billion.