COMPANIES in the IBEX-35, Spain's main stock market indicator have gone from suffering losses of over 8.5 billion euros in 2012 to net profits in excess of 20 billion, according to figures released yesterday (Wednesday).
Construction firms and the State-run financial entity Bankia's negative results a year and a half ago meant the IBEX-35 appeared to be in a very poor shape, but the list of companies in the indicator are now largely new ones.
In 2013, telecommunications firm Jazztel replaced Bankia in the top 35 firms, electricity supply distributor Endesa and stainless-steel company Acerinox began to float their shares whilst renewable energy group Abengoa left the IBEX-35 and was substituted by Ebro Foods.
Bankia, however, returned to the IBEX-35 in December and is gradually shifting to private sector ownership with a total of 19 per cent of its share capital currently in foreign hands.
Results for 2013 have only just become public since, although firms in Spain normally present their results prior to February 28, high-street clothing and accessories giant Inditex has a different tax year and did not do so until yesterday, March 19.
The empire, owned by Spain's richest and Europe's second-wealthiest man Amancio Ortega, saw a dip in profits compared to its 2012 record of just over 16.7 billion, although still achieved net benefits of nearly 2.4 billion in 2013.
Despite plummeting profits, the Inditex chain, one of Spain's best-known multinationals, still leads the world market in high-street fashion ahead of giants such as the Swedish group H&M.
Read more at thinkSPAIN.com