Fadesa reports 31% revenue increase amid takeover bid

Fadesa, the property company based in northern Spain, has reported total revenue of EUR 789.8 mln for the first nine months of the year, a 31% increase on the year earlier. Net profit rose 9% to 133.2 mln. 'Of the total revenue, 93% comes from the real estate activity, which continues to be the company's main line of business, however, the hotel activity, with 16 establishments already in operation, maintains its progress,' the company said in a statement. Fadesa's hotel revenues grew by 51% to EUR 38.2 mln compared with EUR 25.3 mln for all of 2005.

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