Ortega’s Property Company Says Net Income Almost Doubled in 2014

A property company owned by Amancio Ortega, the world’s second-wealthiest man, said profit almost doubled last year as Spain’s economic recovery gathered momentum.

Pontegadea Inmobiliaria SL reported net income of 182 million euros ($202 million), up from 93.4 million euros a year earlier, according to accounts filed to Spain’s mercantile registry.

The Coruna-based company, which employs eight people and leases commercial properties across Spain to businesses including Apple Inc. and Primark, said the value of its real estate last year climbed to 5.6 billion euros from 4.5 billion euros. The government expects the the Spanish economy to expand by 3.3 percent this year, helping companies like Pontegadea to generate more rental income.

Ortega, with a net worth of $70.7 billion, is the richest person in the world after Bill Gates, according to the Bloomberg Billionaires Index.

Source: Bloomberg